The notorious XRP lawsuit is progressing steadily in favor of Ripple Labs Inc. The legal dispute’s momentum shifted in favor of the company as the United States District Judge denied the SEC’s request for a Sur Sur-Reply.
XRP Price is lower than last week, but this might be more due to current geopolitics in Europe than the case mentioned earlier. The whole cryptocurrency market saw massive losses on Monday, and several tokens are yet to recover. Regardless, several analyses point out XRP’s rise above the $1.00 mark. And this is mainly due to the developments in the XRP lawsuit.
To bring you up to speed, the SEC filed a lawsuit against Ripple Labs Inc. and two of its Executives. The lawsuit claims that the company sold more than $1.3 billion through XRP despite being an unregistered security. However, the recent developments on the case point to the contrary.
Most recently, Ripple’s counsel filed a Sur-Reply mentioning the agency’s earlier case where the commission enforced actions on a different company. The Sur-Reply also mentioned how the said company oversold its digital assets in the process.
The SEC then filed a motion for a Sur Sur-Reply in New York on February 23. However, Judge Analisa Torres denied the commission’s request. This came as a huge relief for the XRP community and was seen as a significant step towards the company’s win in the legal dispute.
Since the first favorable decision for Ripple was made public, several members of the community have criticized the SEC’s delaying tactics. And with this recent development, the community is likely expecting the SEC to do the same.
The legal battle between the two parties may still take some time before it concludes. For now, XRP will need to weather one storm at a time, especially as the whole crypto market is hit by the Russian President’s decision to strike Ukraine.