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- Ripple scored another legal victory as a federal judge rejected the SEC’s appeal of the July ruling;
- Following this win, the price of XRP rose to nearly $0.55 amid a broader decline in the cryptocurrency market, marking the second significant price increase in response to legal developments.
Six months remaining
ripple Believer Another major victory in its legal battle against the US Securities and Exchange Commission (SEC) on October 3. Specifically, a federal judge rejected the regulator’s intent to appeal the ruling in mid-July, where it was determined that the company’s XRP sales did not constitute an investment contract offering.
The judge found “substantial cause for the difference of opinion,” indicating that the appeal would not advance the case toward conclusion.
The trial in the lengthy lawsuit between the two entities is scheduled for April 23, 2024, the outcome of which could have a significant impact on the entire cryptocurrency industry and the regulatory environment in the United States. Both parties must submit all required pretrial filings and necessary documents by December 4, 2023.
XRP rises after second straight win
The price of Ripple’s native coin rose immediately after the ruling, reaching nearly $0.55 (per CoinGecko). Its rise comes against the backdrop of a general decline in the market, as most cryptocurrencies were in the red zone during the past 24 hours.
XRP’s rise was even more impressive following the previous court decision in July when it surged more than 70%, crossing the $0.85 mark. Those who are curious to know more about this development can take a look at the dedicated video below:
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