XRP spikes on rising investor optimism amid latest updates in SEC lawsuit
As seen on CoinMarketCap, the price of XRP has increased by almost 10% in the past 24 hours. XRP is up nearly 27% after hitting a low of $0.62 during the February 24 market sell-off. Growing investor optimism amid the latest SEC lawsuit updates, alongside a broader recovery in the cryptocurrency market, may have contributed to the recent price increase.
XRP saw its largest green candle in the last three days on Feb. 25 as it rose nearly 15%. The cross-border token furthered its climb to reach intraday highs of $0.797 on Feb. 26 before a slight retreat. According to CoinMarketCap, XRP presently trades at $0.764 and ranks sixth-largest cryptocurrency by market capitalization, flipping Cardano and Solana to the seventh and eighth spots, respectively.
New Updates in Ripple-SEC Lawsuit
In recent updates shared by defense attorney James K. Filan along with the XRP community, Ripple and the individual defendants filed their opposition to the SEC’s motion for partial reconsideration and clarification of Justice Netburn’s DPP ruling. Ripple says the SEC is simply looking to “redo” with its latest decision.
Attorney Jeremy Hogan, partner at Hogan & Hogan, believes Ripple’s recent move might be ”the hardest hitting brief” on the SEC. In a previously unsuccessful attempt by SEC, District Judge Torres denied, in a one-word order, the SEC’s motion to file a sur-sur-reply in support of its motion to strike Ripple’s fair notice defense.
As U.Today previously reported, the SEC has filed an objection to compel the release of notes taken by Matthew Estabrook, attorney for SEC Commissioner Elad Roisman, to the Ripple defendants. However, the agency went ahead and submitted the notes to Judge Netburn for on-camera review. Ripple requested Estabrook’s notes earlier in February and argued they were unprotected when the agency claimed deliberative process privilege (DPP).
