CMC data shows XRP price rallied over 10% while Bitcoin and Ethereum rebound slightly. This latest surge has brought Ripple and XRP back to the top.
Ripple (XRP) moves on the upside as the market drops
Over the past 24 hours, the cryptocurrency market has experienced a moderate decline. Meanwhile, the market’s total value is still under $1 trillion. Bitcoin (BTC) and Ethereum (ETH) have lost more than 6% and 17% respectively since last week.
Ripple case reaches summary judgment stage
We mentioned earlier that Judge Torres approved the joint timing proposal proposed by both parties. However, the hearing on September 19, 2022 will be more critical to the process. Redacted versions of the briefings will be submitted by plaintiff and defendant. Attorney James Filan stated that the public will not be able to see real statements and exhibitions for the time being.
Why did Ripple suddenly jump? Here is an interesting claim.
CryptoLaw founder John Deaton highlights something striking about the recent price spike. XRP rose 10%, LBRY Blockchain native token LBC rose 11%, and Dragonchain token DRGN increased 5%. Interestingly, these were cryptos “implied by the SEC,” according to John Deaton.
Referring to the SEC’s Alderoty Twitter’s comments regarding the SEC’s acquisition of securities, Deaton, Ripple’s general counsel, pointed to the SEC’s inconsistencies:
I remember this moment during the verbal discussion. Although the SEC attorney initially said he would have to think about it, it ended. If anyone can be said to expect snow, that doesn’t necessarily mean they really expect snow. Think about this for a moment.
XRP up 10%, LBC up 11%, DRGN up 5%
All implicated by SEC. https://t.co/11YWHxo2f0
— John E Deaton (214K Followers Beware Imposters) (@JohnEDeaton1) September 16, 2022
“Big events” ahead
According to attorney Jeremy Hogan, the submission of the opening petitions in the Ripple summary judgment and the upcoming ruling in the LBRY case are two “giant” events that could continue to impact the crypto space for years to come. The opening motions for the summary judgment have now been filed in the Ripple lawsuit.
Jeremy Hogan is also optimistic about September 19, which he believes will be the “end game” when the public will (mostly) see the cards in their hands. While expectations were increasing before this date, James K. Filan shared that the public could see it. He stated in a thread of tweets that only redacted versions of the summaries will be seen on September 19.
XRP price analysis
As you follow on Kriptokoin.com, the XRP price has increased by more than 7% since last week. The latest situation helped the token undo some of the recent damage. At the time of writing, XRP is trading at an average price of $0.3739. However, it’s still 55% off its peak price.
XRP’s 24-hour trading volume rose 39% to $1.66 billion. Despite the downturn, the crypto still has a total market cap of $18.7 billion. Meanwhile, the long-running legal battle between the SEC and Ripple has thwarted the XRP price increase.
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