$XRP rose above 3 dollars for the first time in over a week as speculation grows around a possible rejection of the SEC case.
The token gained 4.5% in 24 hours amid increasing investor confidence regarding regulatory clarity.
Attorney Bill Morgan predicts that the SEC may vote to reject its appeal before the August 15 deadline for a joint court report.
Both Ripple and the SEC previously signed a conditional settlement agreement, although the conditions were not met at the time.
The nearly five-year legal battle began in December 2020 when the SEC alleged that Ripple raised 1.3 billion dollars through unregistered securities sales.
Judge Analisa Torres ruled in July 2023 that XRP was not a security in retail sales but constituted one for institutional investors.
The court imposed a fine of 125 million dollars on Ripple in August 2024, with funds already distributed between the SEC and Ripple.
A joint report due on August 15 could lead to the rejection of the appeal and conclusion of the case, pending court approval.
If approved, the case will be reopened in the district court for final authorization.
