On 11 April, Ripple scored a significant point against the SEC in their ongoing legal tussle. Judge Sarah Netburn denied the SEC’s motion for reconsideration of the DPP ruling in the latest court order.
As such, this motion was perceived to be the heart and soul of the case, and Ripple winning the same, undoubtedly, gives the defendants a clear lead. Opining on the same, attorney James K Filan said,
“This is a very big win for Ripple.”
People from the community have already started speculating how this significant win might trigger an abrupt end to the lawsuit on the whole. More so, because they believe that the SEC would rather settle than hand over its internal documents.
On its part, the SEC has 14 days to file an objection to this decision to District Judge Torres. Commenting on the SEC’s current position, attorney John E Deaton said,
“The SEC is now officially in a hurt locker.”
Other ‘ripple’ effects that followed
Well, the price of the XRP did not react immediately to the court ruling. It had succumbed to the market-wide Monday dump. However, from its lows registered on the same day, XRP has already risen by more than 7%.
What’s more, XRP flashed a bullish breakout on its charts during the early hours of Thursday. As illustrated below, the price strolled past the upper trend line of its descending channel around the $0.72 mark. At press time, the asset was trading slightly above the same, at $0.73.
Interestingly, the lawsuit update and the leg up of XRP aided the asset to re-claim its sixth position ranking on the market cap list. As can be seen from below, the very first XRP-Solana displacement happened on 11 April—the day the ruling was made.
Post that, on 12 April, the latter briefly managed to reclaim grounds, but XRP was quite quick to bounce back. At press time, the market cap difference between the said assets was close to $0.5 billion.
In fact, in terms of chain activity too, Ripple managed to leap a position up and was the fifth most active chain. The 108,875 active addresses had carried out transactions worth $814M over the past day and only the volume settled on Bitcoin, Ethereum, Cardano, and Litecoin were more than that of Ripple.
In all, the ripple effects that followed post the ruling have single-handedly managed to enhance the optimism presenting the broader Ripple-XRP landscape even further.