These Can Be Reason Behind Spike XRP Prices

XRP token, Ripple's native currency has emerged as one of the top gainers among the largest cryptos in the last 7 days. The price surge has come amid the ongoing legal battle with the SEC.

Timeline of Xrp

The crypto markets continue to hover within a bear market as the bullish reversals are not been validated. Moreover, Ripple(XRP) price remained more of less stagnant and traded below $0.4 for quiet a long time.

The digital asset firm Ripple Labs Inc. advances its fight against a Securities and Exchange Commission lawsuit, with the latter claiming that its token, XRP, is not a security as the SEC suggests.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Uncertainty in global markets and the threat of rising inflation meant that the market sentiment has been fearful over the past week.

John Deaton, Amicus curiae in the US SEC vs XRP lawsuit, and Eleanor Terrett, Fox Business Journalist discussed a motion for Summary Judgment. The XRP lawyer came out with some crucial revelations regarding Ripple's native token.

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The Chamber of Digital Commerce recently submitted a motion to file an Amicus Curiae brief in US SEC vs Ripple Lawsuit. However, the regulator has filed a response in the court regarding the motion.

Ripple Labs and the US Securities And Exchange Commission (SEC) have both filed motions for a summary judgment. Both parties have argued that the judge overseeing the case has enough information to make a ruling instead of letting the case move to a potentially lengthy trial.

It seems now that XRP fell short on capitalizing on hopes that Ripple will finally earn a victory on its long-running legal dispute with the U.S. Securities and Exchange Commission as it swayed between profits and losses on September 19. It can be recalled that the SEC and Ripple Labs, the company behind XRP, agreed to expedite the lawsuit that aimed to determine whether or not the cryptocurrency could be considered a security.

Cryptocurrencies are gaining traction in prominence with each passing day. The yearn to learn the forecasts of digital assets has been soaring to greater heights. One crypto-asset which has been under due consideration of marketers since the start of the year is XRP. Which comes following the constructive developments in lawsuit with the blocksec.

Prominent XRP-supporting attorney John Deaton says that Ripple Labs' general counsel has reason to be confident as the company moves to end its lawsuit with the U.S. Securities and Exchange Commission (SEC). The SEC sued Ripple Labs in late 2020 under allegations that the payments firm issued XRP as an unregistered security.