As the third largest cryptocurrency by market capitalization globally, XRP has surpassed the $3 mark for the first time in over a week due to market speculation that the SEC may withdraw its lawsuit.
According to Cointelegraph, Ripple (XRP) rose more than 4.5% within 24 hours on Thursday, breaking through the psychological barrier of $3 again.
With regulatory clarity improving, market expectations of a potential SEC withdrawal have boosted investor confidence.
Lawyer Bill Morgan recently posted on social media platform X, predicting that the SEC may vote to decide on withdrawing the appeal before the August 15 deadline.
"The withdrawal may happen, and the likelihood of it happening is greater than it not happening, possibly occurring before the August 15 deadline for submitting the appeal progress report," he stated.
Morgan pointed out that Ripple has agreed to withdraw its appeal, and both parties previously signed a conditional settlement agreement that could end the case. However, the conditions were not met at that time.
Nevertheless, both parties can apply to the court for an extension, although Morgan indicated that this "seems unlikely."
The SEC and Ripple must submit a joint report to the U.S. Second Circuit Court of Appeals by August 15. This could lead to the dismissal of the appeal and potentially reach a settlement, ending this nearly five-year legal dispute, subject to court approval.
If approved, the case will reopen in the district court for final authorization.
Since December 2020, the SEC's lawsuit against Ripple Labs has marked one of the most notable legal disputes in cryptocurrency history. The regulatory agency sued Ripple, accusing the company of raising $1.3 billion through the sale of unregistered XRP securities.
In July 2023, Judge Analisa Torres ruled that XRP does not qualify as a security in retail sales but does qualify as a security when sold to institutional investors. In August 2024, Ripple was fined $125 million.
On June 12, Ripple and the SEC jointly applied to release $125 million from the escrow account to pay the court-ordered settlement, with $50 million going to the SEC and the remaining $75 million returning to Ripple, pending court approval.
Related: SEC staff's guidance on liquid staking leaves regulatory questions and may face controversy
Original article: “Ripple (XRP) Breaks $3, SEC Lawsuit Against Ripple Likely to be Withdrawn”
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