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XRP Is Up 10% After A Key Development In The Legal Battle

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The value of XRP has begun to rise as a fresh development in the legal battle between payment startup Ripple and two of its executives versus the United States Securities and Exchange Commission (SEC) occurs. The District Judge will enable the corporation to employ a “fair notice defense,” according to a document filed with a court in the Southern District of New York.

Ripple will be able to argue that the regulator failed to notify it that XRP and his public sails would violate US law. According to Bitcoinist, the payment company has contacted the SEC about its token offering.

Even so, the business maintains that it is unable to provide regulatory clarification on XRP. There are records of two different reports from legal firm Perkins Coie on the legality of the company’s token issuance that support Ripple’s defense.

The reports try to indicate that Ripple seeks legal guidance before sales as far back as 2021. The study might potentially be used to show that Ripple adjusted its business strategy in order to comply with US laws. Ripple’s General Counselor, Stuart Alderoy, announced the following in response to today’s court decision:

“Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities law. Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense. It’s even more imperative that the sun sets on the SEC’s regulation by enforcement approach.”

The ripple community has applauded the recent court verdict, believing it would provide them an advantage over the regulator. Jeremy Hogan, a legal expert, has the following to say about this development:

“I know you’ve been working on the pending rulings in the Ripple v. SEC case this week.   On behalf of myself and certain other interested parties, we’d really like to get those rulings TODAY if possible (…). BOOM!  (And I don’t use that term lightly) The SEC’s Motion to Strike the Fair Notice Defense is DENIED. This is the one I’ve been waiting for. NOW the SEC has something to lose.”

As a result of these recent developments, XRP is currently trading on an uptrend at lower timeframes. After a long hiatus, the cryptocurrency has suddenly re-entered the top 5 by market cap. Despite a huge victory, the legal war, according to the aforementioned expert, continues.

As of press time, XRP is trading at $0.80, representing a 9.1 percent gain in the previous 24 hours. The cryptocurrency was once ranked third in terms of market capitalization, trailing only BTC and ETH. It remains to be seen whether it will restore its position.