As the US Securities and Exchange Commission and Ripple approach the Summary Judgment phase, the XRP market has seen a surge in the past 24 hours. Both sides have already filed summary judgment motions, and other parties are filing requests to file Amicus Curiae.
Early today, the price of Ripple’s native token, XRP, jumped to a daily high of $0.4661 before briefly pulling back to $0.4603 at press time. The positive updates from the lawsuit have led to a 37% increase in XRP’s value over the past 60 days.
Ripple’s upper hand in the XRP lawsuit
Ripple Labs appears to be gaining ground in the XRP litigation as it approaches its final phase. It is barely a month since a US judge court ordered SEC to produce Hinman’s speech documents which were crucial for Ripple’s defence which was seeking to prove that the SEC was applying double standards.
The contested Hinman speech delivered at the Yahoo Finance All Markets Summit in June 2018, Hinman stated “Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.”
Based on the latest updates to the lawsuit Ripple seems poised to win. This would be a huge boost for RippleNet’s enormous potential. In May this year, Ripple’s CEO indicated that Ripple will explore IPO after the SEC lawsuit gets concluded.
Coinbase filed to be named Amicus curiae under the XRP lawsuit
Coinbase, the largest crypto exchange by trading volume, is one of those who have filed a request to be allowed to file an Amicus Brief in support of Ripple’s defence.
Coinbase pulled XRP off the exchange shortly after Ripple Labs filed a lawsuit accusing them of issuing unregulated security. Coinbase was not the only crypto exchange that delisted Ripple’s native tokens since almost all major crypto exchanges including Binance have delisted the token.
Another entity that has filed to be allowed as an Amicus Curie in the XRP lawsuit is the Crypto Council for Innovation which wants to file an Amicus Brief in support of Ripple’s Defendants’ Brief in Opposition to the SEC’s Motion for Summary Judgment.
