Despite The Case, XRP Up Over 100% Since SEC Lawsuit Against Ripple

The case over whether XRP is security now awaits a summary judgment ruling from the judge, which the community expects in the coming weeks.

XRP, the native token of the XRP Ledger, is up over 100% since the United States Securities and Exchange Commission (SEC) filed its case against Ripple, the creators of the XRP Ledger.

Recall that in December 2020, the SEC filed a complaint against Ripple over its sales of XRP and accused its executives of aiding and abetting the offer and sale of unregistered securities. In an amended complaint, the agency clarified that it believed XRP is an unregistered security.

The move put significant pressure on the XRP price, pushing it to lows of about $0.1748 by December 29 from over $0.60 following a 169% price rally in November. In addition, about $16 billion was erased from XRP’s market cap as crypto exchanges based in the U.S. delisted the token to avoid SEC enforcement actions. 

However, at press time, XRP is exchanging hands for $0.3692 on mainstream crypto exchanges over two years down the line, about 104% up from its December 2020 lows. Mr. Huber (@Leerzeit), a prominent XRP influencer, highlighted this positive on Twitter earlier this month. As highlighted by the influencer, it is more impressive, considering that we are in an extended bear market cycle. 

Oh yes, I forgot: Back then it was the peak of the bull market and now we are in the bear market.

— Mr. Huber🔥🦅🔥 (@Leerzeit) March 2, 2023

Earlier this week, the price surged as high as $0.3991, buoyed by a positive ruling in the SEC v. Ripple case on expert motions temporarily bucking an overall market correction. However, following a significant crypto market-wide dip today, it is also down over 6% in the last 24 hours.

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It bears mentioning that despite the SEC case, Ripple and other independent developers have continued building for the XRP Ledger, with several projects in the pipeline. In addition, Ripple’s On-Demand Liquidity product which uses XRP as a bridge currency for cross-border payments has also seen increased adoption abroad. 

The case over whether XRP is security now awaits a summary judgment ruling from the judge, which the community expects in the coming weeks. 

Ripple General Counsel Stuart Alderoty highlighted that a favorable ruling would allow the blockchain payments company to expand its business in the U.S. again. Additionally, it could significantly boost XRP’s price, opening the door for listing on local exchanges and allowing for significant capital inflow.

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