SEC Appeals Ripple Ruling to Reverse XRP Classification but $XRP Pumps 17%: Bull Run is Here?

Strangely, the trade price of $XRP Cryptocurrency surged & hit an all-time high over the last 6 years.

$XRP is a popular Proof-of-stake (PoS) Cryptocurrency in the crypto space. In the non-crypto space, this Cryptocurrency is popular for its use in cross-border payment services. Ripple Labs is the developer firm behind $XRP Cryptocurrency.

On 15 Jan 2024, The US Securities and Exchange Commission (SEC) formally filed an appeal in its legal battle with San Francisco headquartered blockchain firm Ripple Labs, challenging a July 2023 court ruling that partially dismissed claims against Ripple.

#XRPCommunity #SECGov v. #Ripple #XRP @Ripple The @SECGov has filed its opening brief.https://t.co/v0YTjHGxzV

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— James K. Filan (@FilanLaw) January 15, 2025

The SEC body pointed out that Ripple’s engagement in the promotion of $XRP played an important role in generating a huge amount of profit for investors, which made XRP an investment contract under the Howey Test.

Ripple chief legal officer Stuart Aldetory also shared his response on this latest development around the XRP lawsuit and said that it is just a very small noise & will happen nothing because a new era of crypto regulation is coming.

As expected, the SEC’s appeal brief is a rehash of already failed arguments –and likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and… https://t.co/3ZxO64Fs8C

— Stuart Alderoty (@s_alderoty) January 16, 2025

However, in this case, both parties, Ripple & SEC, won & lost the case partially in the 2023-24 court ruling, but this latest news was surely a negative news for $XRP Cryptocurrency investors.
It was expected that the $XRP coin might face a downfall in price, but the token price increased from $2.72 to $3.17, nearly 17% in the last 24 hours.

The current trade price of $XRP coin is $3.17 pic.twitter.com/Eiyfm9IeEM

— Bitcoinik (@Bitcoinikdotcom) January 16, 2025

Crypto analysts noted that the trading volume of this Cryptocurrency also exploded to 141% in the last 24 hours. Analysts connected this sudden price & trade volume pump with rising optimism about Ripple’s ongoing legal dispute with the American securities regulatory body SEC and the simultaneous potential improvement of the crypto business environment under the incoming Trump administration.

Read also: Crypto entrepreneur Justin Sun seems interested in acquiring Tik-Tok platform

SEC Appeals Ripple Ruling to Reverse XRP Classification but $XRP Pumps 17%: Bull Run is Here?

 

 

Source:  https://bitcoinik.com/sec-appeals-ripple-ruling-to-reverse-xrp-classification-but-xrp-pumps-17-bull-run-is-here/feed/