Ripple secures favorable ruling as court expedites judgment
The cryptocurrency surged nearly 30% in a week
Ripple Labs scored a significant legal victory this week as a U.S. court approved its motion to expedite judgment in its ongoing lawsuit with the Securities and Exchange Commission (SEC).
The ruling, announced on November 27, potentially shortens the timeline for resolving Ripple’s high-profile legal battle over whether its XRP token constitutes a security.
Ripple’s legal momentum
The expedited judgment could be pivotal for Ripple, as it seeks to end years of legal uncertainty. The lawsuit, filed by the SEC in December 2020, accuses Ripple of conducting an unregistered securities offering through the sale of XRP. Ripple has consistently denied the allegations, arguing that XRP should be classified as a cryptocurrency rather than a security.
Analysts suggest the court’s decision to expedite proceedings signals growing judicial support for Ripple’s arguments. While the case isn’t over, the ruling boosts confidence among investors and market participants awaiting regulatory clarity.
XRP's price rally and market dynamics
The favorable legal news has significantly impacted XRP’s market performance. The cryptocurrency surged nearly 30% in a week, with its trading price reaching $1.46 on Thursday. Although trading volume declined by 25% during the same period, bullish sentiment remains strong. Analysts using Elliot Wave theory predict XRP could eye a $13 price target if the court proceedings conclude in Ripple’s favor.
Despite the optimism, market watchers caution against overexuberance. Sustained upward momentum hinges on Ripple’s ability to fully resolve its legal entanglements and capitalize on the growing institutional interest in cryptocurrencies.
Ripple’s expedited judgment adds momentum to its fight against the SEC and positions XRP as a potential market leader if legal clarity is achieved. Industry insiders anticipate that the outcome of this case could shape the regulatory framework for the broader cryptocurrency market. For now, Ripple’s progress offers hope for an industry eager for regulatory certainty.
Also recall, XRP price surges to $1.44 as Ripple commits to invest in rebranded Bitwise ETP.
