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Investing.com – Recent developments in an issue that has preoccupied the crypto market for a long time seem to have pushed traders of one of the largest cryptocurrencies to a state of optimism, posting strong gains amid the recent wave of declines.
Far from investors fleeing riskier assets on fears of the US Federal Reserve’s decision over the next few hours, along with the Russian President’s announcement of partial mobilization in the country, Ripple is making strong gains over the last sessions.
It succeeded in continuing its strong gains over the past few hours after positive news regarding a happy ending to the famous token holders in his case with the Securities Commission.
XRP’s 24-hour performance in a market lightened the mood of its investors, as XRP rose 10.11% in the past 24 hours before jumping another 7% during these moments.
XRP was trading at $0.3785, while rising against both Ethereum and Ethereum with momentum and whales moving, according to intraday data from the Santment platform.
Ripple surged in just 4 days by more than 30% from the September 17 low at $0.32 to Wednesday’s high at $0.4215 during these moments.
Ripple rises in a week by more than 20% and by 21% in a month, while rising by 14% in sixty days and 25% in ninety days, but it is still declining by 52% since the beginning of the year.
Ripple is ranked seventh among the largest cryptocurrencies by market capitalization with a value of about $20 billion, while it is only a few million short of the BinanceUSD stablecoin in sixth place.
John Deaton, a prominent lawyer supporting XRP, says the US Securities and Exchange Commission (SEC) made a major mistake in a file recently submitted for a summary ruling in its lawsuit against Labs.
The Securities and Exchange Commission (SEC) sued Ripple in December of 2020 over allegations that the payments company issued XRP as an unregistered security, and both parties have now filed an expedited ruling, a request to end the lawsuit without a full trial.
Deaton, who represented more than 70,000 XRP holders in the court case, told his followers that the SEC’s proposal for a summary ruling contains no indications from any experts claiming that XRP is acting as a guarantee by relying on Ripple’s efforts to perform.
“There is no expert testimony from the SEC claiming that XRP holders relied on the experience, skill or management of the Ripple team, or expert testimony claiming that XRP holders were motivated by promises and inducements made by Ripple, prior to acquiring XRP,” Ripple’s attorney said.
Deaton also says that the Securities and Exchange Commission (SEC) is not trying to argue that the XRP Ledger, the original XRP blockchain, has anything to do with Ripple.
Some took the filings as a hint that a settlement might be close, and other legal experts predicted a settlement could be reached sometime in November. However, Deaton has his doubts, and says the filings are not necessarily a sign that the end of the lawsuit is near.
Why the height?
Interestingly, XRP was the top cryptocurrency among the top thirty coins by market capitalization, with the coin being the only coin to increase by more than 10%.
While evaluating the trading chart, it was noted that XRP whales were incredibly active, according to the Blockchain Analytics platform, Santiment was also consistent with whale data.
Moreover, Santiment had additions to reveal, according to the information, the activity of the XRP network also improved significantly despite its decline on September 15th.
As for the 24-hour trading volume, not much has happened positively as it is down 12.26%, however looking at the events on the charts, they seem to be telling a different story according to Santment.
XRP’s lawyer explained what the SEC was missing in the summary ruling as the legal battle between the SEC and XRP gets tougher.
The watchdog is hunting digital assets and companies that have been flagged for dealing with unregistered securities. While using enforcement procedures, the authority stated that the Ripple token should be registered, and according to the authority, Ripple erred in selling the token to the public, which led to a continuing lawsuit.
John Deaton and Eleanor Terrett highlighted critical points regarding the token via where counsel, representing the XRO holders in the case, noted that the watchdog’s proposal does not rely on any expert on its movement in the case.
According to Deaton, the SEC lacks expert testimony that can prove the price correlation of a digital currency asset, and in addition, the SEC does not have any certification alleging that XRO holders relied on the behavior and skills of the Ripple team.
With the lack of expert testimony with the Securities and Exchange Commission, the case could turn positive for Ripple, with Deaton noting that the outcome could be a major player in the challenges.
According to Deaton, Judge Torres can issue a final ruling on Daubert Motions any day from now in the Ripple and SEC case.
The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.