XRP Price Pumps 16%, Eyes Test of Yearly Highs Near $1.0 as Crypto Community Discusses Potential 99.9% Victory for Ripple Versus SEC
The US Security and Exchange Commission (SEC)’s losing streak in its ongoing lawsuit versus US fintech company and the creator of the XRP cryptocurrency Ripple Labs continued last week.
That’s according to a tweet by Ripple Labs’ Chief Legal Officer Stuart Alderoty, who said last Friday that “the 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award w/o (without) first proving that “investors” suffered actual financial harm”.
Another loss this week for the SEC – the streak continues. The 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award w/o first proving that “investors” suffered actual financial harm. In other words, no harm, no foul.
— Stuart Alderoty (@s_alderoty) November 3, 2023
In other words, the SEC can’t hit Ripple Labs with a huge fine unless they can prove that investors suffered significant financial harm, which, given the strong performance of the XRP cryptocurrency since its creation, will likely be very challenging to prove.
Optimism about Ripple’s winning momentum against the SEC could partially explain why XRP has been vaulting higher in recent sessions.
XRP was last trading just above $0.71, up more than 15% since Saturday.
Another reason that XRP could be pumping is technical momentum.
The cryptocurrency faced significant resistance in the $0.55 to $0.5850 area, but since breaking above this zone, doesn’t really face any real resistance until the yearly highs in the $0.95 area.
So while XRP has pumped 15% in the last two days, gains of more than 30% from current levels are well within the scope, assuming the broader crypto market keeps moving higher and optimism regarding the Ripple vs SEC lawsuit remains.
John E Deaton, a lawyer who
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