XRP Gets Above $ 1 In Hopes Of Winning Case Against SEC
After several days of falling, XRP managed to gain a foothold above the $1 mark. The cryptocurrency is losing sensitivity to SEC allegations as the community supports the company in a case against the regulator.
Ripple Labs has been in a clash with the Securities and Exchange Commission (SEC) for several months now. However, this did not stop the XRP token from experiencing dizzying growth. Before the coin was overwhelmed by the general wave of sales in the cryptocurrency market, it rose in price by 250%.
XRP managed to gain a foothold above the key $1 mark even in the context of a legal conflict with the SEC. The regulator sued the company in December 2020, accusing it of selling unregistered securities under the disguise of an XRP token. The SEC said Ripple Labs and its executives sold over $1.3 billion worth of XRP to investors.
Previously, in order to access the financial statements of the company’s management, the SEC require permission from the court. However, Ripple contested this claim and won. The court ruled that directors are not required to disclose their personal financial circumstances to the SEC. The legal dispute between the SEC and Ripple is likely to end soon. Despite this, XRP is holding on quite confidently, ignoring the news of the SEC’s new moves.
XRP investors are on the side of Ripple Labs and intend to support the company in this scramble. Recently, John Deaton, a Rhode Island lawyer, filed a petition in support of Ripple. It has been signed by over 12,500 XRP holders and project supporters. According to Deaton, these include small businesses, developers and investors. Users have shown significant interest in the firm.
Ripple is recovering from several difficult months. XRP was trading at $1 at the beginning of the week. Despite big losses during the week, the cryptocurrency is still 89% higher than in early April.
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