XRP On Over 40% Rise In a Week, Here’s Why

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Root caus­es for XRP 40% week­ly rise deal with the Secu­ri­ties and Exchange Com­mis­sion (SEC) and the law­suit against Ripple.

XRP blocking SEC’s transparent attempts

Rip­ple Labs and some of its top exec­u­tives are object­ing to the SEC motion seek­ing more time or room to respond to poten­tial new filings.

Rip­ple Labs, its CEO Brad Gar­ling­house, and its exec­u­tive chair­man Chris Larsen stat­ed in a Sep­tem­ber 20th fil­ing that the SEC is mak­ing a “trans­par­ent attempt” to post­pone the res­o­lu­tion of the law­suit in which the mar­kets reg­u­la­tor claims the pay­ments firm issued XRP as an unreg­is­tered security.

Ripple CEO went on Fox Business to discuss the newest update on the company’s lawsuit

In Decem­ber 2020, the SEC filed a law­suit against Rip­ple, Gar­ling­house, and Rip­ple co-founder Chris­t­ian Larsen for alleged­ly sell­ing more than $1.3 bil­lion in unreg­is­tered secu­ri­ties. How­ev­er, Rip­ple has con­sis­tent­ly claimed that XRP fails the Howey Test and thus does not meet the cri­te­ria for being clas­si­fied as a security.

Gar­ling­house made the same claim on tele­vi­sion. “The first step in deter­min­ing whether you are a secu­ri­ty is to have an invest­ment con­tract.” Our point is that Rip­ple lacks a con­tract. Who is the con­tract with? It is not a writ­ten con­tract, an oral con­tract, or an implied con­tract.” U.S. Mag­is­trate Judge Sarah Net­burn, who is over­see­ing the case, recent­ly chas­tised the SEC for its lit­i­ga­tion tac­tics, call­ing them hyp­o­crit­i­cal. The rul­ing has yet to be scheduled.

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