XRP price is moving higher again towards a short-term target at $5.85. The token has gained almost 18% on the day.
Previously, analysts predicted that XRP would reach $0.66, then $2.80, and now $5.85 has become a realistic short-term target.
This optimistic sentiment is supported by the recent purchase of XRP by US Congressman Guy Reschenthaler for $15,000.
This positive news comes at a time when the US Securities and Exchange Commission (SEC) is challenging Ripple Labs’ partial victory in court.
The regulator claims that Ripple’s XRP sales violated Section 5 of the Securities Act of 1933.
Attorney Jeremy Hogan described the SEC’s opening summary as a waste of time. The crux of the SEC's argument, he said, is that it is not necessary to prove that XRP buyers knew about Ripple's claims that the price of XRP would increase.
If the appeals court upholds the retail ruling, the SEC could face a higher burden of proof in future cases.
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