XRP Soars: Federal Judge Rejects SEC's Appeal Bid, Sparking an 8% Surge

Bombolo | News and Media

In a significant twist of events, the U.S. Securities and Exchange Commission (SEC) recently faced a major setback in its ongoing efforts to regulate the cryptocurrency market. This setback came in the form of a federal judge's rejection of the SEC's request to appeal her recent ruling involving Ripple Labs, the company that stands behind the XRP token.

Also Read: XRP's Journey: Can It Really Reach $1,000 in Value?

The SEC's Setback

District Judge Analisa Torres, presiding over the case, delivered a ruling that shook the SEC's resolve. She deemed that the SEC had not fulfilled the legal prerequisites required to warrant an appeal. In her judgment, Judge Torres pointed out the SEC's failure to demonstrate controlling legal questions or substantial grounds for differences of opinion. However, it's important to note that this decision doesn't equate to a complete loss for the SEC. Judge Torres has, in fact, scheduled a trial for April 23, 2024, to address remaining issues tied to the case.

Judge Analisa Torres' Ruling

Judge Torres had already made a pivotal decision back in July, asserting that the sale of Ripple's XRP digital token on public exchanges was in compliance with federal securities laws. The core of her ruling lay in the fact that purchasers of XRP did not have a reasonable expectation of profit based on Ripple's efforts.

Also Read: Ripple Achieves Full Licensing Milestone in Singapore

Ripple's Unyielding Growth

Despite these legal battles, Ripple continues to chart a path of growth in the cryptocurrency industry. The company recently expanded its presence in the Asia-Pacific region by securing a significant payments institution license in Singapore. This achievement came merely four months after the Monetary Authority of Singapore granted initial in-principle approval in June.

With the acquisition of the full license, Ripple now boasts authorization to provide regulated cryptocurrency payment services in Singapore. This solidifies its position in the burgeoning blockchain and crypto sector within the region.

XRP's Remarkable Surge

Simultaneously, Ripple's native cryptocurrency, XRP, experienced a remarkable surge in value. Over a span of just 24 hours, XRP's price surged by approximately 8%, transitioning from the $0.50 range to hover around $0.54. As of the latest update, XRP was trading at $0.5306 with a daily trading volume of $1.6 billion. This staggering increase of over 80% within a single day demonstrates the cryptocurrency's vitality.

In conclusion, the SEC's quest to regulate the cryptocurrency market has hit a roadblock with Judge Analisa Torres' refusal to grant permission for an appeal. While Ripple faces legal challenges, its growth and the value of XRP remain on an upward trajectory. This case undoubtedly continues to be a focal point within the crypto world, with many eyes eagerly awaiting the trial scheduled for April 2024.

Also Read: Ripple's Surprising $15 Million Deal About-Face: What's Behind It?

FAQs

1. What is the significance of Judge Torres' recent ruling in the SEC's case against Ripple?

   Judge Torres' ruling determined that the sale of Ripple's XRP digital token on public exchanges complies with federal securities laws, impacting the SEC's regulatory efforts.

2. What is the outcome of the SEC's request to appeal Judge Torres' decision?

   The SEC's request to appeal was rejected by Judge Torres, who found no substantial grounds for an appeal.

3. How is Ripple expanding its presence in the Asia-Pacific region?

   Ripple is expanding in the region by securing a significant payments institution license in Singapore, allowing it to provide regulated cryptocurrency payment services.

4. What is the recent price movement of XRP?

   XRP experienced an 8% surge in value over 24 hours, rising from around $0.50 to $0.54, with a daily trading volume of $1.6 billion.

5. When is the trial related to the SEC's case against Ripple scheduled?

   The trial is set for April 23, 2024, to address remaining issues in the case.