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Ripple (XRP) coin rises over 6% today after a small win in its case against the SEC

By:
on Mar 12, 2022
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  • Ripple (XRP) coin is currently trading at $0.7958.
  • It was up 6.60% at the time of writing.
  • XRP has hit a daily high of $0.846 and a daily low of $0.7276.

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The price of Ripple (XRP) has risen by more than 6% today after a micro win in its case against the US SEC. Ripple seems to be slowly amassing the odds in its favor in the case.

In a hearing on Friday, March 11, 2022, the judge presiding over the case rejected a motion by the SEC to prevent Ripple from going for a fair notice defense. Immediately after the ruling, the price of XRP shot up by about 12% before retracing to its current level; although still in the green.

It is interesting to note that while XRP remains volatile following the general crypto market sentiment, the gains it has made after the ruling have enabled it to regain last month’s losses.

After the ruling, Ripple’s General Counsel Stuart Alderoty said:

“Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities law. Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense. It’s even more imperative that the sun sets on the SEC’s ‘regulation by enforcement’ approach.”

The developments could probably mean that the SEC vs Ripple case may be close enough to its conclusion after dragging for several years.

Ripple CEO Brad Garlinghouse also commented saying:

“While we would have preferred the cases against Chris and me to end now, the SEC must now prove its claims. We are confident that ultimately all of them will be dismissed.”