- XRP’s latest rally
- All eyes on BlackRock
Stuart Alderoty, chief legal officer at Ripple, says that the company is “back to business” following the conclusion of the U.S. Securities and Exchange Commission’s longstanding legal case against the company.
The SEC and Ripple (along with executives Brad Garlinghouse and Chris Larsen) have filed a joint dismissal of their appeals.
As reported by U.Today, Ripple agreed to drop its cross-appeal against the SEC in the late June after Judge Analisa Torres rejected a motion to amend her final ruling in accordance with the terms of the settlement that the parties reached in late March. Ripple had to settle for a $125 million civil fine as well as an injunction prohibiting institutional XRP sales in the U.S.
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The community was then waiting for the SEC to inform the US Court of Appeals for the Second Circuit that it was intending to drop the case ahead of a scheduled status report, which was supposed to be filed in mid-August.
XRP’s latest rally
The XRP price spiked by nearly 9%, reaching $3.38 on the Binance exchange, which is the highest level since July 23. The token is now up more than 24% from its local bottom of $2.72 that was logged on Aug. 3.
Unsurprisingly, the latest upward move was driven by strong buying pressure from altcoin-loving South Korean traders.
However, such rallies driven by news events tend to fizzle out, and it remains to be seen whether this time will be any different.
All eyes on BlackRock
There has been plenty of speculation about why asset management behemoth BlackRock has so refrained from filing for a spot XRP ETF.
Analyst Nate Geraci believes that the financial titan was waiting for the SEC to drop its appeal against Ripple before finally making a move.
That said, Eric Balchunas, Bloomberg’s leading ETF expert, is convinced that this is not the case.
