SEC Court Case Optimism Sees XRP Price Rise

Bitcoin fell after the Federal Reserve announced it would raise interest rates again in the United States in order to continue to fight skyrocketing inflation, even though this could be detrimental to the lingering banking crisis. The largest digital coin recovered yesterday and is now trading again around 28,000.

However, one of the best performers in the Coinmarketcap top 10 lately is XRP, the coin from Ripple labs. Apparently growing optimism about the SEC lawsuit is the reason for this increase.

Three years

By now, the lawsuit between the American stock market watchdog SEC and Ripple Labs, the company that issues the digital currency XRP, is almost three years old. In December 2020, the SEC alleged that Ripple Labs (with CEO Bradley Garlinghouse and Christian Larsen, its co-founder) made more than $1.3 billion selling unregistered securities and filed a lawsuit against the company for this reason.

As a result, XRP lost a lot of its value and dropped from third place to sixth or seventh place in the Coinmarketcap list (depending on timeframe). However, the value of XRP has been rising again in the past few days.

This is because at the beginning of this month, an important expert testimony that the SEC cited several times in his argument was overturned by the judge and thrown out.

The price of XRP rose to a four-month high as the digital coin benefits from the upbeat sentiment.

Simpsons

Monica Long, Ripple’s current chairwoman, told US press earlier this week that she was “very hopeful” of getting a positive outcome in the lawsuit against the SEC before the end of this year.

If that happens, it is possible that XRP will regain its pre-2020 value in no time.

However, whether they will ever reach the price that a now legendary Simpsons episode once predicted is doubtful.