​XRP rate rises by 21% amid Ripple’s actions in the case against SEC

What’s new? The rate of the Ripple (XRP) token has increased 20,9% in 24 hours and reached its high since November 5, 2022, rising to $0,49. The growth was influenced by new arguments by Ripple’s lawyers in court against the US Securities and Exchange Commission (SEC). Thus, representatives of the company referred to the situation with the sale of the crypto broker Voyager to the American arm of the Binance exchange, approved despite the claims of the regulator. As of March 22, 08:00 UTC, the XRP rate corrected to $0,4564, according to Binance.

#XRPCommunity #SEC v. #Ripple #XRP Ripple Defendants file Letter Notice of Supplemental Authority in further support of their fair notice defense. It's the decision of Judge Michael Wiles in the Voyager bankruptcy case where Judge Wiles rejected the SEC’s https://t.co/bNlqcaCz5f… — James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 20, 2023

What arguments did the defense make? On March 20, attorney James Phelan announced that the defendants had provided the court with the notice of additional arguments to support their position. They cited Judge Michael Wiles’ ruling approving the $1,022 billion purchase of Voyager by the Binance.US exchange, which was opposed by the SEC and the New York State Department of Financial Services (NYDFS). Regulators said the sale of VGX tokens had the hallmarks of a securities deal.

SEC calls Binance.US an “unregistered securities Exchange”

The representative of the Commission stated this during the consideration of the deal to sell the crypto broker Voyager to the US arm of the exchange

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The decision in the Voyager case could have serious implications for the outcome of Ripple’s litigation. The decision reinforces the developers’ position that the company has not been given clear guidance on whether XRP is a security.

CryptoLaw CEO and attorney John Deaton previously said that Ripple would be willing to pay up to $250 million if the SEC publicly announced that all current and future sales of XRP would not be recognized as securities transactions.

What is known about Ripple? It is a payment protocol for exchanging currencies and making transactions. It is used by government financial institutions in Australia, Canada, and Israel. XRP is used to provide liquidity, acting as a bridge for international transfers, allowing them to be completed in seconds and times cheaper than solutions of traditional services.

In 2020, the SEC filed a lawsuit against Ripple Labs, its CEO Brad Garlinghouse and chairman Chris Larsen. The Commission considers raising $1,3 billion through the sale of XRP tokens to be unregistered securities transactions, a gross violation of US law.

One hundred million versus the SEC. Why the price of XRP is rising

How the successful outcome of the lawsuit between Ripple Labs and US regulators could affect the rate of the cryptocurrency

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In June 2022, Garlinghouse said the company would continue to operate in another jurisdiction if it loses the case. He believes such an outcome would jeopardize other crypto projects in the US. At the same time, Garlinghouse is confident that the case will not be sent to a jury trial because the judge has enough evidence to reach a verdict alone.