XRP up 20% due to progress in Ripple's case with the SEC

Ripple's XRP suddenly rose in price to $0,49 per digital coin, the highest level since November 2022. The growth is associated with an increase in the chances of settling the SEC lawsuit against Ripple.

Interestingly, Ripple's Opportunity Came in a Third Party Bankruptcy Case voyager cryptocurrency lending service. As part of the bankruptcy plan, Voyager executives had to sell their own VGX token to the Binance.US exchange. The US Securities and Exchange Commission (SEC) strongly opposed this, declaring “signs of a security” in the token. However, on March 11, 2023, Judge Michael Wiles overruled the regulator's objections and approved the bankruptcy plan.

Ripple lawyers did not hide this, because in the United States there is case law and legally similar cases are resolved in the same way. And the SEC claims against Ripple are exactly the same - the regulator claims an unregistered sale of securities in the form of XRP coins. The lawyers presented the court with additional arguments in support of their position, referring to the decision of Judge Michael Wiles.

“Participants in the cryptocurrency market operate in a regulatory environment that can be described as highly uncertain at best. Regulators cannot agree on whether cryptocurrencies are commodities and should be regulated by the CFTC, or whether they are securities. Officials cannot even agree on what criteria should be used to determine the type of asset. And I reject the proposal that the court and Voyager's clients should somehow decide which "aspects" of the VGX token can be considered indicative of the security, Judge Michael Wiles said.

Analysts at Messari are optimistic about the prospects for XRP, noting the growing number of accounts on the XRP Ledger network, as well as the quality implementation of the network. According to the study, creating blocks every 3-5 seconds makes this blockchain fast enough to complete financial transactions.

Recently, hackers gained access to the account of the popular Indian TV channel News 24 with more than 1,3 million followers on Twitter and posted a message about the distribution of 100 XRP coins.