XRP Goes Up As SEC’s Appeal Against Ripple’s Ruling Gets Denied

The value of XRP has increased as the U.S. Securities and Exchange Commission (SEC) was granted permission to appeal a significant decision. The price of XRP immediately increased when the SEC’s appeal request was denied. Since the announcement of the decision, XRP has seen a substantial rise of 3.9%, trading at $0.54 at 7 a.m. ET.

Ripple Labs and the XRP community view the denial of the appeal request as a win because it strengthens the firm’s case in the current legal battle. According to the judge, “the Security and Exchange Commission has failed to meet up with its claim that shows that there are enough grounds for various opinions regarding the two holdings previously moved to confirm the interlocutory appeal.”

According to Santiment, a popular cryptocurrency data provider, it has come to call the public’s attention to the aftermath of this latest court development. According to data from Santiment, XRP had a fast 8% increase in its trading price following the latest legal action.

Ripple Labs Insists XRP’s Legality, Lawyers Caution Cryptocurrency Community

The claims made by SEC in 2020 were refuted by Ripple Labs, who maintained that XRP ought to be viewed more as a virtual currency than a security. Despite the legal difficulties, the company has maintained its ecosystem development and earned support from the XRP community.

The SEC’s appeal request was denied, which analysts believe is a significant victory for Ripple Labs and the larger cryptocurrency sector. Gabriel Shapiro, Delphi Labs, leading council, has warned the cryptocurrency community to limit their excitement on the last Ripple verdict.

On his X handle, Shapiro said that the outcome still needs to be completed for SEC, which he believes still has the option of issuing a general appeal. Jeremey Hogan, a cryptocurrency industry lawyer, had explained that the rejection of the appeal by the U.S. court is catastrophic for the SEC, especially when it allowed Torres to solidify her previous judgment against Ripple.

XRP Tops Social Trend, Hit $1.7 Billion In Trading Volume

On the other news, the latest market trading analysis shows that the XRP token has continued to surge significantly after its original 7% increase in the post-SEC’s appeal denial. The presiding judge, Judge Analisa Torres, said on Tuesday that SEC needs to present evidence that the past judgment was problematic and faulty.

The company also shared a chart that indicates the rise of XRP’s market dominance. Available data has shown that the token experienced a  3-month increase of 22.5%, triggered by multiple mentions within the cryptocurrency community. The increase in XRP’s social activities was proved by the ongoing #Ripple, which has dominated the United States X social media space in the past 42 hours, with over 301,000 posts.

However, XRP has embarked on an intensive price activity with a  $0.54 price reset point. This is happening at a time when other major cryptocurrency assets are going through major bearish movements. Thus, the XRP stood out as an exception.

Data from CoinMarketCap has also shown that there has been a significant increase in the volume of XRP traded in the last 24 hours. In its data, there was a 93% increase in the trading volume within 24 hours, hitting $1.74 billion in total trading volume. This figure has been said to have outperformed the trading volume as recorded on August 17th, further proving the growing market interest in XRP.