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The SEC vs Ripple lawsuit: After the historic win over the SEC, it was believed that the XRP price might surpass the barrier of US$1. However, before marking highs above these levels, the bulls lost their strength, allowing the bears to amplify their actions. Ripple's XRP might see increased volatility throughout the next few days. The price currently trades at 3% in the negative, which may also result from the broader market shakedown.
The lawsuit centered around whether XRP should be classified as a security and thus subject to the regulatory oversight of the SEC. Ripple argued that XRP is a digital currency, not a security, and therefore should not be subjected to the same regulations as traditional securities.
At the time of writing, XRP price was hovering around US$0.606, indicating a 3.15% decline in the last 24 hours, a 0.8% gain across the previous seven days, as well as a decrease of 16.57% over the past month, as the most recent charts demonstrate.
Judge Torres ruled that secondary sales of XRP do not constitute an investment contract – a major point in the SEC's stance, which undermines its position to a certain extent.
Commenting on the move last week was Ripple's Chief Legal Officer, Stuart Alderoty, who said: "The SEC does not have the "right" to appeal just yet, which is why they are asking permission to file an "interlocutory" appeal. Ripple will file its response with the Court next week. Stay tuned."
The value of cryptocurrencies like XRP can be highly volatile and is influenced by various factors, including market sentiment, adoption, regulatory developments, and macroeconomic trends. While XRP has reached US$1 in the past, its future price movement is uncertain and can be affected by various variables. If you're considering investing in cryptocurrencies, conducting thorough research and seeking advice from financial experts is important.
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