XRP has soared 9%, drawing significant investor interest in the last 24 hours. The surging price action has been triggered by recent updates shared in the ongoing SEC vs Ripple case.
XRP Is Up 9% In The Last 24 Hours
XRPs soaring bullish stance surprised investors on Friday, as the crypto surged past its usual numbers to sit at $0.32155. XRP has documented a rise of 9% and at press time, is trading at $0.3688, up 11% signaling a bullish price action.
The recent surge was triggered due to fresh information that was recently shared in the ongoing SEC vs Ripple case. Defense attorney James Filan has shared a new update via Twitter shedding light on the recent SEC vs Ripple case development.
Filan tweeted that “Third Party B files a Motion to Seal requesting redactions to the declaration of Third-Party B filed by the SEC as an attachment to the SEC’s Motion for Summary Judgement.”
On Friday, Filan tweeted a series of tweets expressing his opinion on the latest regulatory news that documented Gensler’s takes on types of assets that can be categorized as securities. According to WSJ, SEC head Gary Gensler on Thursday said that proof-of-stake cryptocurrencies could also be securities. The statement stirred crypto enthusiasts to share their opinions widely on the internet, compelling Filan to share his take on the current XRP situation. Filan shared a tweet of Ripple defense lawyer Stuart Alderoty who wrote:
“In today’s Senate banking Committee hearings, Chair Gensler misstated the Supreme Court test to determine what is and isn’t a security. Was it intentional, or does he not know the law? Which is worse?”
Gensler’s statement triggered a fierce debate on crypto Twitter enabling cryptocurrency enthusiasts and investors to question SEC’s take on securities. Gensler’s comments propelled several users including Republican senator Pat Toomey to seek classification on the kind of framework that the SEC uses to judge cryptocurrencies.