The price of the digital token XRP started to move independently after the latest development in the lawsuit between Ripple and the U.S. financial regulatory agency (SEC) was shared by James K. Filan, a defense lawyer and former federal prosecutor.
According to a document filed with a court in the Southern District of New York, the District Judge will allow Ripple to use a “fair notice defense.”
James K. Filan tweeted, “Breaking. Motion to Strike Fair Notice Defense Denied.”
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 11, 2022
The latest development implies that Ripple will be able to argue in its favor that the regulator failed to inform that its XRP distribution could potentially violate United States Securities law.
XRP Spikes 15% after the Positive Update
XRP, the embattled cryptocurrency that is at the center of the lawsuit between Ripple and the SEC, has been riding on the positive update to surge independently in the market.
At the time of filing this report, XRP is trading at $0.8428, with a 15% price upsurge in the last 24 hours, according to CoinMarketCap.
Brad Garlinghouse Says SEC’s Filings Will Be Dismissed Eventually
Reacting to the new development, Ripple CEO Brad Garlinghouse showcased his delight to the new order from the court. He said he’s confident that all the SEC’s filings will be dismissed eventually.
Brad Garlinghouse tweeted, “If you weren’t paying attention then, you should be now. Huge win for Ripple today! And while we would have preferred the cases against Chris and me to end now, the SEC must now prove its claims. We are confident that ultimately all of them will be dismissed.”
And while we would have preferred the cases against Chris and me to end now, the SEC must now prove its claims. We are confident that ultimately all of them will be dismissed.
— Brad Garlinghouse (@bgarlinghouse) March 11, 2022
Credible Crypto: You Will Be Too Late If You Wait for Ripple-SEC Lawsuit Outcome
In early February, Credible Crypto, a popular pseudonymous crypto analyst and trader, predicted that the price of XRP is poised to explode once the Ripple-SEC lawsuit is concluded.
Speaking with Thinking Crypto, the analyst said there are fundamental reasons for investors to keep holding XRP. He said it may be too late for anyone that waits for the outcome of the lawsuit before buying the digital token.
Credible Crypto noted:
“The reason why I still hold such a massive amount of XRP despite the sluggish price action is that I now kind of see it as a hedge against the rest of the market.
If this SEC lawsuit ends – and I think it will, I don’t know when – but I think it will end ultimately favorably for Ripple and XRP and when it does end, XRP will essentially be the only crypto asset with regulatory clarity in the United States…
When the case does get settled, you can expect XRP’s price to absolutely pop. So if you’re waiting to hear the outcome of the case to jump in, you’re going to be too late. So you’re placing your bets right now and if your bet pays off and XRP wins, XRP is going to rocket, and then everything else is at the mercy of the SEC, and we don’t know what’s going to happen.”