Ripple, has achieved yet another legal victory against the US Securities and Exchange Commission (SEC).
On October 23, a US District Court Judge signed an order officially dismissing the SEC’s charges against Ripple’s top executives, Brad Garlinghouse and Christian Larsen.
The ruling marks a significant milestone in Ripple’s battle with the SEC over allegations tied to the sale of XRP (XRP) tokens.
What happened?
As revealed by Ripple defense attorney James K. Filan on October 23, Judge Analisa Torres of the US District Court in New York signed an order that officially dismissed the SEC’s legal charges against Ripple executives Garlinghouse and Larsen.
The charges, which were related to previous sales of XRP tokens, were dropped by the SEC before the official dismissal. Garlinghouse slammed the securities regulator and its aggressive tactics, citing misuse of taxpayer’s funds.
Some legal experts saw this move as a potential strategy by the SEC to accelerate the appellate process and thereby evade an extended trial scheduled for spring.
‘Ripple v. SEC is over’ says lawyer
On October 21, attorney Jeremy Hogan shared his latest thoughts on the never-ending legal battle between Ripple and the SEC.
Notably, the lawyers said that “for all intents and purposes,” the case “is over,” adding that the only important thing left in this dispute are the hearings that will decide a judgment of up to $770 million.
“Yes, important hearings will be held in the coming months (deciding a judgment of up to $770 million is of course important). But, YOUR time for hand-wringing over this case is done. IMO.”
– said Hogan in a tweet.
The SEC dismissed the rest of the case, meaning there will be no trial in 2024, Hogan continued in the thread.
“The facts have been set – nothing new or surprising will be coming out.”
This means that the court will likely issue the final verdict sometime next year and “only Ripple needs to worry about that.”
XRP soars 12% in a week
The positive developments for Ripple were reflected in XRP’s price. The blockchain firm’s latest legal victory, and the broader crypto market rebound led by a massive Bitcoin (BTC) pump, propelled XRP’s price significantly.
Notably, the crypto token was trading at $0.55 at the time of writing, up 4.14% in the past 24 hours, and more than 12.3% on the week, adding around $2.4 billion in market cap.
With the latest upswing, the cryptocurrency crossed above the 200-day moving average (MA) at $0.52, which now acts as support. Now, XRP faces another important resistance where the 100-day MA is located, at $0.564.
Clearing this barrier would pave the way for further price increases, potentially toward the next major resistance level at around $0.65.
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