XRP Token Rises Above $0.62, Rebounding from Pre-CPI Report Losses
The value of Ripple’s XRP token remains strong amidst expectations for the platform’s opposition brief, set to be unveiled on April 22, 2024. In an unexpected turn of events, XRP has surged to a high of $0.6212, successfully reversing its previous losses before the CPI Report was released.
As of now, Ripple is being traded at $0.6185, reflecting a small but noteworthy increase of 2.69% in the last 24 hours. Adding to the excitement, XRP has witnessed a notable surge of over 24% within the past week, as well as a modest rise of 1.68% over the course of one month.
With a market capitalization of $34,056,510,337, XRP firmly maintains its position among the top 10 cryptocurrencies. However, its trading volume has experienced a decline of 5.22%, currently resting at $2,385,213,279, thus portraying the varied trends observed in the crypto trading landscape.
Ripple has been embroiled in a long-standing legal battle with the Securities and Exchange Commission (SEC) ever since the regulatory body filed a lawsuit against the platform in 2020. Although the SEC accused Ripple of engaging in the unauthorized sale of securities, Judge Analisa Torres’ ruling that XRP sales on public exchanges were not to be considered as securities served as a partial victory for the platform.
However, the Ripple-SEC saga is far from over. Various significant developments have emerged over time, including the SEC’s motion for interlocutory appeal, subsequent rejection, the SEC’s opening brief, and other developments related to the case. While the SEC’s opening brief deadline was extended to March 22, Ripple’s deadline for their opposition brief was rescheduled to April 22. Additionally, Ripple CEO Brad Garlinghouse and subsidiary XRP II, LLC, faced yet another lawsuit in California, which alleged violations of federal and California securities laws.
As Ripple’s resistance to the SEC is drawing closer, the community is eagerly monitoring the market’s response. Furthermore, the opposition brief could potentially influence the magnitude of the penalty for violating Section 5 of the 1933 Securities Act.
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