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- The judge rejected the SEC’s appeal in the Ripple case, in favor of Ripple.
- The outcome of the lawsuit on April 23, 2024 could impact US cryptocurrency regulations.
- The price of XRP rose to $0.55 after the ruling, then stabilized at $0.52
The never-ending saga between Ripple and the US Securities and Exchange Commission (SEC) reached another climax on October 3 after a federal judge ruled… It was rejected The regulator wants to appeal a previous court decision that gave the cryptocurrency company the upper hand in the legal battle.
Specifically, the justices decided that Ripple’s XRP sales years ago did not constitute an offer for investment contracts.
The latest groundbreaking decision favoring a blockchain project has instilled additional enthusiasm among the XRP community that decisive victory is just one step away.
like CryptoPotato mentionedThe lawsuit between the two entities is scheduled to take place on April 23, 2024, and its outcome could have a massive impact on the entire cryptocurrency sector and the regulatory environment in the United States. Ripple and the SEC must submit all required pre-trial filings and necessary documents by December 4, 2023.
As somewhat expected, the price of the native Ripple token skyrocketed immediately after the ruling, reaching the $0.55 mark (per CoinGecko). However, in the following hours, XRP retreated slightly and is currently hovering around $0.52.
The coin’s rise was even more impressive after the previous court decision in July when it surpassed $0.85. Those who are curious to learn more can click on the clip below:
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