Ripple, the company behind the digital currency XRP, has been in a legal battle with the U.S. Securities and Exchange Commission (SEC) since December 2020 when it was accused of illicit trading of XRP tokens as securities. This dispute took a significant turn in July 2023, when Judge Analisa Torres concluded that XRP isn't a security, while institutional token sales could be classified as unregistered securities sales.
The SEC's withdrawal from the Ripple case trial in October 2023 further strengthened Ripple's position. This move was seen by many as an acknowledgment of Ripple's dominant position in the XRP security status dispute.
Building on this momentum, Ripple's CEO, Brad Garlinghouse, announced on Thursday, Nov 09, 2023 at DC Fintech Week 2023, plans to escalate their SEC lawsuit to the Supreme Court. Garlinghouse cited a biased withdrawal of an out-of-court settlement offer as one of the main reasons for this escalation.
While these legal proceedings have been ongoing, Ripple's XRP has seen a substantial increase in price. In November alone, XRP registered a 35% price surge, culminating in an impressive 80% gain since January. This suggests that despite the legal challenges faced by Ripple, investor confidence in XRP remains high.
As the legal battle continues to unfold, with Ripple now taking it to the Supreme Court level, it will be interesting to see how this impacts the future of XRP and Ripple as a whole.
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