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News/Ripple Gains Ground: Legal Triumphs and Strategic Moves Impact XRP's Performance

Ripple Gains Ground: Legal Triumphs and Strategic Moves Impact XRP's Performance

Van Thanh Le

Oct 6 2023

8 months ago3 minutes read
Judge robot holding XRP coin and gavel, showcasing Ripple's legal and tech strides

Ripple Defends its Ground Against SEC

Ripple has recently experienced a wave of support bolstering its plight against the U.S. Securities and Exchange Commission (SEC). District Judge Analisa Torres delivered her ruling that the SEC had failed to meet its burden under the law to provide significant proof of controlling legal disputes or large grounds for opposing views. 

This critical pivot of events in Ripple's favor has sparked intense intrigue throughout crypto communities globally, setting a pretense for the anticipated trial.

Expanding Ripple's Horizons in Singapore

Singapore skyline with Ripple logo overlay for Asian expansion.webp

Simultaneously, Ripple's strategic arm, Ripple Markets APAC Pte Ltd, stationed in Singapore, has clinched a formal license from the judicious Monetary Authority of Singapore (MAS). With this coveted green signal, Ripple can now operate sans transaction limitations in the thriving economic city-state. 

The developments were hailed by Brad Garlinghouse, CEO of Ripple, who stated, "Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs."

XRP Reflects Bullish Magnetism

These legal milestones coupled with growing operational strides in Asia have cast a rosy glow on the market performance of Ripple's XRP token. According to verified data from CoinGecko, the value of the XRP token charted a gain of 4.1% in the last 24 hours alone. 

Notably, this upliftment followed a brief yet robust surge of 5.3% in the XRP valuation ahead of a retreat during the later trading hours encompassing Asia.

Traders globally were quick to respond to Ripple's shifting fortunes, leading to an unparalleled increase in XRP trading volumes. A comparison with the previous day's average trading volume of $900 million revealed a striking leap to $1.7 billion within 24 hours. 

At the time of reporting, XRP recorded a value base of 53 cents while other cryptocurrencies showed a collective dip of 0.7%.

chart (3).webp

South Korea's leading exchange platform, UpBit, emerged as the frontrunner in XRP trading with a voluminous $280 million worth of deals in 24 hours. Following closely was the world-renowned Binance which facilitated $271 million in XRP transactions. Combined, these two exchanges represented over 12% of all XRP trading activity, highlighting their pivotal role in Ripple's growing momentum.

A Legal Diary: Ripple's Date with the Courtroom

Gavel and XRP coin symbolizing Ripple's legal wins.webp

While Ripple continues to pursue its growth strategies, the upcoming legal calendar marks crucial dates in its ongoing dispute with the SEC. The Ripple-SEC trial commences on April 23, 2024, at 9 am sharp.

Preceding this, any contributions related to motions in limine must be submitted by December 4, 2023. Rebuttals to these motions should reach court by December 18, 2023. Furthermore, a concluding pretrial conference is slated for April 16, 2024, at 2 pm.

Legal Experts Opine on Ripple-SEC Case

Veteran legal experts such as Max Schatzow and Cody Carbone have echoed the opinion that the SEC could still appeal post-trial. Echoing this sentiment, Bloomberg's senior litigation analyst, Elliott Z. Stein, stressed that standard litigation processes always account for potential appeals after the conclusion of the trial.

Ripple Sets Sail Towards Asia Pacific 

Ripple's ambitious plans seek to amplify its footprint in Asia Pacific, its fastest-growing market to-date. With a global presence stretching beyond U.S borders and resonating within over 90% of Ripple’s business operations, Ripple's MPI license from the Central Bank of Singapore anchors its strategic vision. 

This positions Ripple alongside distinguished companies such as Coinbase, Circle, and Revolut, which have also secured the much-coveted license.

Pivotal Legal Proceedings and Court Decisions

Recently, the U.S. Securities and Exchange Commission (SEC) faced a major setback when the court denied its request in favor of an early appeal in the case against Ripple Labs. Notably, lawyer Bill Morgan identified the SEC's significant losses on points that carry serious implications on the progression and potential outcome of the case.

Firstly, the court discerned that the SEC had not established a controlling question of law - a major cornerstone in the edifice of legal disputes. Secondly, the court concluded that the SEC had failed to provide substantial grounds for differences of opinion. Lastly, it identified that an interlocutory appeal at this juncture would not expedite or advance the termination of the Ripple case.

Adding to the strain of these critical legal aspects, Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized the judgment from July 13, underlining that "retail sales of XRP were not securities sales." This pronouncement bolsters Ripple's defense and forms a critical crux of their arguments against the SEC's claims.

Adding to the mounting anticipation, Judge Torres marked a milestone by setting the trial date for April 23, 2024 - a date that is bound to pivot the ongoing narrative of this protracted legal battle.

Comprehensive Market Metrics and Financial Snapshot

Tracing Ripple's financial landscape in recent times, substantial movements were noted in the trading metrics of the XRP token. As of a critical market snapshot on October 6, 2023, the XRP token witnessed a slight descent, trading at a value of $0.52, thereby recording a modest fall of 0.64% on that specific day. 

However, taking a longer view of the market trends, the XRP token demonstrated resilience with a 2.52% gain recorded over the week preceding October 6. Extending the analysis further to a 30-day timeframe, XRP portrayed a promising trajectory with a notable 3.85% increase in its trading value.


Potential Legal Repercussions for the Broader Crypto Industry

Zooming out from the Ripple-SEC case, the legal implications could echo across the broader crypto market. Bill Morgan puts forward a persuasive argument suggesting the SEC's stiff stance on XRP might inadvertently margainlize its own position in other cases. His statement carries weight, especially considering the upcoming legal battles against crypto exchanges, which are under the SEC's regulatory radar.

A case in point is Coinbase, where the SEC alleges that the platform's wallet features mimic the function of brokerage activity. Furthermore, it labels the staking program as a vehicle for offering unregistered securities - claims that could upend traditional operational strategies in the entire crypto exchange ecosystem.

Diverse Expert Opinions and Resultant Predictions

The Ripple-SEC case has become a breeding ground for varied expert opinions and potential outcome predictions. Yassin Mobarak, Founder of Dizer Capital, proposes the provocative argument that the SEC may opt to withdraw its case against Ripple. The rationale he puts forward is that this move could possibly shield the SEC from an embarrassing exposure of internal discrepancies. 

Mobarak also commends XRP, asserting that its advancement has brought much-needed clarity to the turbulent crypto market, which could inadvertently upset the SEC's agenda. In a parallel strand of thought, Stuart Alderoty, expressing skepticism over the SEC's arguments, critically appraises their views on Coinbase’s digital assets' worth as compared to traditional collectibles like baseball cards. 

SEC's Strategic Orientation and Its Effect on Global Perception

From a public perception standpoint, the SEC's approach in using litigation as a major arsenal has stirred negative sentiments globally, as pointed out by Bill Morgan. He postulates that the regulatory body has infused "a deep lifelong mistrust and antipathy" among millions of people not only in the U.S. but also the global citizenry. 

Mobarak seconds this view, adding that the SEC's legal hardline has resulted in a looming cloud of uncertainty shackling the entire crypto industry – an effect which he claims is a deliberate strategy employed by the SEC. 

Noteworthy Quotes and Statements

In the maelstrom of the Ripple-SEC legal battle, some key quotes offer insight into the sentiment and strategic alignment of the key players. Bill Morgan analytically deciphers the current legal scenario, asserting, "The SEC lost big. It lost on all three elements it needed to satisfy the test for certification for an interlocutory appeal."

Echoing skepticism against SEC claims, Stuart Alderoty, alluding to the Coinbase case, questions, "There is so much wrong with the SEC’s brief in the Coinbase case I don’t know where to begin." 

On a more analytical note, Yassin Mobarak strikes at the heart of the SEC's strategy, stating, "They will now move to end this case as soon as possible so that they can appeal to the 2nd Circuit and continue to sustain this cloud of uncertainty on the whole industry." These significant utterances sketch the skeptical and sometimes adversarial rapport between the crypto world and regulatory bodies.

Ripple's Trajectory Influences Crypto Markets

Ripple's legal battle with the SEC intertwines with its growth aspirations to form a captivating narrative. The courtroom victories, combined with an aggressive expansion in the Asia Pacific region, have fueled a bullish curve in XRP's market performance. 

Despite these advances, one must remember that the SEC still holds the potential to appeal. Consequently, the SEC-Ripple encounter's final outcome and subsequent interpretations could impact Ripple's prospective path and the broader cryptocurrency industry.


1. How have Ripple's court case achievements influenced the XRP price?

The recent legal victories for Ripple have positively driven the *crypto coin price*, leading to a 4.1% rise in XRP token value within a 24-hour timeframe.

2. In what ways does Ripple's newly acquired MAS license enhance its operational capacities?

By securing a license from MAS, Ripple can operate without transaction limitations in Singapore, thereby strengthening its foothold in one of its fastest-growing markets.

3. Could the judicial developments in the Ripple-SEC case set a precedent for future crypto regulations?

Possible, given the case's high-profile nature. The legal battle's outcome could significantly shape how digital assets are classified and regulated in the future.

4. What are the key dates for the Ripple-SEC trial?

The trial commences on April 23, 2024. Motions in limine should be submitted by December 4, 2023, and all oppositions by December 18, 2023.

5. Can the SEC appeal post-trial?

According to legal experts, an appeal post-trial for the SEC is a real possibility. However, its likelihood of success is contingent on the trial's proceedings.

This article has been refined and enhanced by ChatGPT.

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