Going by the current market standards in cryptocurrencies, a price jump by 30% is by all means a big deal. Ripple (XRP) has at one point shown a weekly price jump of around 64%. This is a clear sign of what the market thinks would result when the XRP lawsuit judgement comes. The regulatory scope of this case goes beyond just XRP, for it could benefit the entire crypto ecosystem massively.
Ripple (XRP) Awaits Judgement In SEC Lawsuit
The final judgement in the long fought Ripple Vs SEC case is finally in touching distance. It is on December 9 by which date third parties can file motions. Whereas the deadline for opposing these motions would be December 22. Recently, SEC and Ripple have filed their motions for summary judgement in the lawsuit. The judgement will be closely looked at by various stakeholders in the crypto industry.
‘Not A Security’
This is all the more important in the context of increasing regulatory pressure around the crypto assets. The lawsuit’s outcome is expected to give clarity over digital assets. The primary issue in the case is whether XRP can be considered as securities or not. In this context, influencer Ben Armstrong feels XRP is not a security. He said the official announcement that XRP is not a security will mean a lot for the crypto ecosystem.
“For all intents and purposes, the Ripple-SEC case is over. XRP is not a security. Once the formality of making this official happens, it’s going to make it very difficult for the SEC to accuse any coin of being a security. This is going to be HUGE for crypto.”
In the midst of speculation that the ruling would be in favor of XRP, the altcoin’s price jumped massively. As of writing, XRP price stands at $0.4922, up 5.46% in the last 24 hours, according to price tracking platform CoinMarketCap. If the XRP lawsuit judgement comes in favor of Ripple, the altcoin’s price stands a chance to rise massively.
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