In the recent Ripple v. SEC case, the judge denies the SEC’s appeal, leading to a 4% surge in XRP prices.
The US Securities and Exchange Commission’s plea for an appeal in the case against the cryptocurrency corporation was denied by the judge in the recent Ripple v. SEC case. As a result, XRP experiences a 4% price surge.
Judge rejects appeal request in Ripple v. SEC case, and XRP surges by 4%
Today, Ripple achieved a little triumph in its ongoing legal battle with the US Securities and Exchange Commission (SEC).
The SEC’s motion for an appeal was essentially refused by US District Judge Analisa Torres on the grounds that it was unable to establish the existence of pertinent legal questions or serious reasons for disagreement.
Brad Garlinghouse, CEO of Ripple, also offered his thoughts on the circumstances on X.
The judge did, however, schedule a trial for April 2024 to address outstanding problems, so this verdict does not represent a complete loss for the SEC. The SEC will be able to reopen the case as a result.
Ripple vs. SEC: The news is now increasing the price of XRP by 4%
The price of XRP is increasing as the news is being announced.
Indeed, as of right now, XRP has increased from $0.51 to $0.54. The price is $0.53 as of this writing. For XRP, this represents a 4% price pump.
Who knows if major Ripple backers or cryptocurrency investors are celebrating yet another domestic win in this protracted legal battle with the SEC.
Indeed, the current litigation started back in 2020, and it wasn’t until July 13, 2023, that XRP was found not to be a security in a decision rendered. At that point, in just one day, XRP saw a pump of +67%.
It wasn’t until August that rumors circulated that Judge Torres had granted the SEC’s request for an interlocutory appeal—a sort of appeal that addresses particular legal concerns before the case is resolved in its whole.
Regretfully for the SEC, though, Torres herself later on yesterday affirmed in her decision that the requested appeal is insufficient to move forward.
A crypto business in Singapore receives a complete authorization to process digital payments
Today, and in Ripple’s residence, there is also another significant occasion to commemorate. The cryptocurrency business has been successful in getting a complete license to operate as a provider of digital payment token services in Singapore.
Once more, Brad Garlinghouse was unable to resist making the following comments on X regarding the significant event:
“Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore.”
The announcement states that the Monetary Authority of Singapore (MAS) has directly granted the MPI, or Major Payments Institution, license to Ripple Markets APAC Pte Ltd, a Singapore affiliate.
