XRP, the third global cryptocurrency by market capitalization, exceeded $ 3 for the first time in more than a week in the midst of speculation that the American Commission for Securities and Exchange (SEC) could abandon its long-standing business against Ripple Labs.
The XRP token (XRP) recovered above the psychological brand of $ 3 Thursday after having increased by more than 4.5% in 24 hours, Cointelegraph data showed.
Investors’ confidence was supported by regulatory clarity and increasing expectations of rejection of the CALL appeal.
A recent post of lawyer Bill Morgan on X predicted that the SEC could vote to reject the appeal before the deadline of August 15.
“The dismissal of calls may occur and is more likely to occur than anyway, before the deadline of August 15 to present itself to the Court of Appeal on the status of calls,” he said.
Morgan noted that Ripple had already agreed to reject his appeal, and the two parties had previously signed a conditional settlement agreement which could have ended the case. However, the conditions were not met at the time.
However, the parties could request an extension in court, although Morgan said that “it seems unlikely”.
The dry and undulation should submit a joint report to the American Court of Appeal for the second circuit by August 15. He could lead to the dismissal of the appeal and potentially finalize the regulations, according to the approval of the court, concluding the legal dispute of almost five years.
If it is approved, the case will be reopened by the district court for final authorization.
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Sec vs ripple labs: the longest legal battle in the history of cryptography
Since December 2020, the SEC trial against Ripple Labs has marked the most publicized legal dispute in the history of cryptography. The regulatory agency continued Ripple, alleging that the company raised $ 1.3 billion thanks to non -registered XRP titles.
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In July 2023, judge Analisa Torres ruled that XRP was not a guarantee in retail sales, but was one when it was sold to institutional investors, and imposed a fine of $ 125 million in Ripple in August 2024.
On June 12, Ripple and the SEC filed a joint request to disclose the $ 125 million held on entire accounts to pay the settlement costs by the court, with $ 50 million transferred to the SEC and the remaining $ 75 million transferred to Ripple, pending approval from the court.
https://www.youtube.com/watch?v=ry9mi57pbjs
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