The price of XRP has seen a 4.5% increase, surpassing $0.52, as it rebounds from recent lows of $0.47. This surge comes as the broader cryptocurrency market shows signs of recovery following the decline in prices on Thursday and Friday. Bitcoin has surpassed $26,000 while Ethereum hovers around $1,670. Dogecoin has also gained 1.2% in the past 24 hours.
The positive response to XRP’s price increase can be attributed to the latest development in the SEC versus Ripple Labs case. After the plunge to $0.47 on August 18, XRP holders were concerned about further declines. However, Judge Analisa Torres recently granted the SEC’s request to file an expedited appeal on the ruling regarding direct XRP sales by Ripple. This acknowledgment by the SEC that XRP itself is not a security has restored confidence among XRP holders.
In a tweet, Pro-XRP lawyer John E. Deaton expressed his belief that XRP holders played a major role in the SEC’s concession on this issue. He also highlighted that the judge recognized that the token itself is not a security.
The SEC’s filing stated, “The SEC did not argue here or in Terraform that the asset underlying those investment contracts were necessarily a security (and the SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value).”
XRP price had previously soared to nearly $0.94 in July, following Judge Torres’ ruling.
XRP Price Increase After SEC’s Request for Appeal
XRP holders have responded positively to the SEC’s request for an appeal in the ongoing lawsuit against Ripple Labs. The recent drop in XRP’s price to $0.47 raised concerns among holders, but the market reacted favorably to the SEC’s motion for appeal, indicating that XRP is not a security.
Frequently Asked Questions (FAQ)
What caused the increase in XRP’s price?
The increase in XRP’s price can be attributed to the positive response of XRP holders to the SEC’s motion for appeal in the lawsuit against Ripple Labs. The motion acknowledges that XRP itself is not a security.
What is the current state of the broader cryptocurrency market?
The broader cryptocurrency market is showing signs of recovery. Bitcoin has climbed above $26,000, Ethereum is hovering around $1,670, and Dogecoin has gained 1.2% in the past 24 hours. These indicators suggest a bounce in the market following the recent price decline.
What was the previous ruling regarding XRP’s security status?
In July, Judge Analisa Torres ruled that XRP is not a security, causing the price of XRP to surge to nearly $0.94. However, the recent drop in price raised concerns among XRP holders until the SEC’s motion for appeal reiterated that XRP is not a security.
Who is John E. Deaton?
John E. Deaton is a lawyer who has been advocating for XRP holders in the SEC versus Ripple Labs case. He has played a significant role in highlighting the importance of XRP holders in influencing the SEC’s concession.
The price of XRP has increased by 4.5% to trade above $0.52 as it rebounds from recent lows. This surge comes alongside a broader recovery in the cryptocurrency market, with Bitcoin surpassing $26,000 and Ethereum hovering around $1,670. XRP holders have responded positively to the SEC’s motion for appeal in the ongoing lawsuit against Ripple Labs, restoring confidence in the XRP token. The SEC’s acknowledgment that XRP is not a security has also contributed to the price increase.