Wednesday, November 30, 2022
HomeCryptocurrencyXRP Recovers By Over 12% On Ripple-SEC Settlement False Rumor

XRP Recovers By Over 12% On Ripple-SEC Settlement False Rumor

XRP, the native token of the XRP Ledger which is also backed majorly by Ripple, the San Francisco-based crypto solutions company, recorded a massive rally in price per coin in the last 24 hours. Whereas, several other top crypto assets like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) are only showing signs of rebounding. 

At press time, the digital token XRP is trading for $0.3850 after falling to as low as $0.32 on Monday, as seen on its XRP/ USDT chart. 

This increase in the price of XRP by over 12% in the past 24 hours, at the time of writing, comes after a false rumor about a settlement in the Ripple-SEC case spread all over Twitter on Monday. 

XRP Price Chart
Source: Coinmarketcap

Read Also: FTX Japan Reveals Large Amount of XRP Held in its Cold Wallet

Ripple and SEC Not Settling

During the Monday morning broadcast on Fox Business News with Natalie Brunel, a Polish journalist and the host of the Coin Stories podcast, it was mentioned that there will be a settlement between the SEC and Ripple in the ongoing XRP lawsuit today (11/15). 

A settlement is simply an agreement that ends a dispute and results in the voluntary dismissal of a court case. Therefore, a settlement in the longstanding XRP lawsuit would mean that the United States Securities and Exchange Commission would drop its securities claim on the XRP token.

Of course, the news which was later said to be false by Eleanor Terrett caused quite a stir in the XRP community. The leading Fox reporter and journalist Eleanor Terrett wrote, “per a Ripple spokesperson, this morning’s report on an expected settlement between Ripple and the SEC tomorrow (11/15) is false.”

Accordingly, Attorney Jeremy Hogan, a popular Ripple/XRP supporter, and lawyer noted that Fox Business News probably misunderstood a comment he made in the past regarding the settlement in the Ripple-SEC case.

“In case we just witnessed a strange game of whisper from me to Fox News, what I said was ‘IF the Ripple case was going to settle, the most likely time would be from Sept. 15 to Nov. 15’. NOT that the case is going to settle on Nov. 15,” Jeremy Hogan tweeted. 


Related: Attorney John Deaton Explains Why LBRY Case Outcome Should Not Be Expected for XRP Lawsuit

It’s worth noting that the XRP lawsuit is still underway with a possible conclusion happening in mid-2023, as predicted by Ripple CEO Brad Garlinghouse. Should the case end in favor of Ripple, then the recovering XRP price could rally even higher.

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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in 2019. He is an all-rounded crypto content writer. He mostly covers industry news, developments, and other educational resources. He believes that proper crypto awareness is instrumental to achieving mass adoption.

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