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📈 XRP Surpasses $3 Amid Expectations of SEC Case Resolution Against Ripple Labs
XRP, the third largest cryptocurrency by market capitalization, has risen above the $3 threshold for the first time in over a week.
The price increase came with growing speculation that the U.S. Securities and Exchange Commission (SEC) may back down from its long-standing case against Ripple Labs.
Attorney Bill Morgan predicted that the SEC might cancel the appeal before the August 15 deadline.
The case has been ongoing since December 2020, where the SEC accused Ripple of raising $1.3 billion through the sale of XRP as unregistered securities.
In July 2023, the court ruled that XRP is not a security in retail sales, but it is considered one in institutional investor sales.
Ripple paid a $125 million fine, of which $50 million went to the SEC and $75 million may be returned to Ripple after court approval.
If the settlement is approved, this nearly five-year-long case may come to an end, boosting investor confidence in XRP.
Summary:
The proximity to a resolution of the case between the SEC and Ripple provides a strong boost to XRP's price and reflects an important development in the regulation of cryptocurrencies, potentially opening the door to new investment opportunities.