• Ripple executives filed a motion to dismiss the Securities & Exchange Commission’s lawsuit against them.
  • This follows twin victories last week, including the judge denying the SEC’s request to access the execs’ personal financial information.
  • Attorney John Deaton believes more clarity would be required before exchanges will decide to relist XRP, despite the token's price surge. 

Ripple Labs recently filed a motion to dismiss the Securities & Exchange Commission (SEC) lawsuit against the company and its executives.

Motion to dismiss following twin victories last week

The SEC sued the blockchain firm late last year, along with its executives Brad Garlinghouse and Chris Larsen, alleging that XRP tokens were sold as an unregistered security offering.

Despite speculation and fear that led to the delisting of XRP from many crypto exchanges, Ripple has witnessed a string of legal victories, supporting the firm’s dismissal of the case. 

Ripple had twin victories last week, as the court denied the SEC’s request for the personal financial records related to Garlinghouse and Larsen. Judge Sarah Netburn also granted Ripple access to the SEC’s internal communication on Bitcoin and Ethereum.

While the SEC’s lawsuit accused Ripple of running a $1.3 billion unregistered securities offering, Judge Netburn previously stated that XRP is a currency and has utility to her understanding. 

With the recent wins against the SEC, CEO Brad Garlinghouse and Chairman Chris Larsen filed motions to dismiss the SEC’s lawsuit. Once these motions are granted, the lawsuit would be over. 

XRP price undeterred by ongoing legal battle

Despite the ongoing legal battle, retail traders have been undiscouraged. The recent legal victories have pushed XRP price even higher, marking a three-year high. 

XRP price surged by over 25% in the past 24 hours, gaining 65% just in the past week. Along with the bullish crypto market, led by Bitcoin and Ethereum in the recent rally, XRP price is trading at $1.81, the highest since 2018.

The cross-border remittance token has recently climbed back up into fourth place by market capitalization and exceeded $70 billion for the first time since early 2018. The total value of XRP has eclipsed the market cap of French banking giant BNP Paribas, with a market cap of roughly $64 billion. 

Relisting XRP unlikely until SEC issues a no-action declaration

Not only has XRP price been riding off of the recent legal battles, but also the rumors of the token being relisted on several exchanges again. A community member made a discovery that pointed to the possibility of Coinbase relisting XRP in several lines of code in the Coinbase Pro API. 

However, John Deaton – the attorney who led the motion to intervene in the SEC v. Ripple case – stated that he does not believe that Coinbase, Kraken and Binance are going to relist XRP until the SEC issues a no-action declaration or further clarity from the United States District Court for the Southern District of New York (SDNY). Deaton said:

I will be thrilled to be wrong if one of the exchanges that delisted or suspended XRP found the courage to begin trading it again. I hope they all do. But our fight is the SDNY Court. I just wish other cryptos realized that Ripple and XRP holders are fighting for all.

Further, Timothy Peterson, investment manager at Cane Island Alternative Advisors, believes that the crypto exchanges’ decision to suspend trading XRP was based on “weak and political allegation[s].” Considering that XRP has a trading volume of $20 billion per day, roughly 10% of the entire trading volume on the Nasdaq, he stated that it was wrong for exchanges to delist the token. He explained:

Developed market exchanges like NYSE and NASDAQ have objective and published listing requirements. That way there are no subjective, knee-jerk reactions to news or public sentiment.

Peterson further suggested that it was both a poor business and moral decision to delist XRP, paired with the fact that the token’s price has shot up by around 80% in a week. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Google, Apple could remove Binance from their app store on Philippines SEC request

Google, Apple could remove Binance from their app store on Philippines SEC request

The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds. 

More Binance News

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.

More Ripple News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

More Cryptocurrencies News

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP