Fresh news on the Ripple vs SEC case: the judge denies the US Securities and Exchange Commission’s request for an appeal on the case against the crypto company. Thanks to this, XRP records a 4% price pump.
Ripple vs SEC: judge denies appeal request and XRP goes on a 4% pump
Another small victory at Ripple came today in its never-ending case against the US Securities and Exchange Commission (SEC).
Basically, US District Judge Analisa Torres denied the SEC’s request for an appeal on the grounds that it failed to prove the existence of relevant legal issues or substantial grounds for difference of opinion.
SEC served another L in the Ripple case.
They can’t appeal the decision until after a trial on remaining issues. pic.twitter.com/t4rbAME1Cv
— Bill Hughes : wchughes.eth
(@BillHughesDC) October 3, 2023
Ripple CEO Brad Garlinghouse also commented on the situation on X:
This ruling, however, is not a total defeat for the SEC; rather, the judge set a trial date of April 2024 for other issues that have yet to be resolved. This will allow the SEC to reappeal the case in general.
Ripple vs SEC: at the moment, the news is driving up the price of XRP by 4%
As the news is being released, you can see how the price of XRP is rising.
And in fact, as of today, XRP has jumped from $0.51 to $0.54. At the time of writing, the price is $0.53. This is a 4% price pump for XRP.
Who knows if crypto-investors or big supporters of Ripple are appreciating yet another victory at home, again referring to this very long case against the SEC.
And in fact, the present lawsuit began way back in 2020, and it was not until July 13, 2023, that a verdict was reached that cleared XRP of charges of being a security. At that time, XRP experienced a pump of +67% in just 24 hours.
Only in August, news had leaked that Judge Torres had agreed to the SEC’s request for an interlocutory appeal, and that is a type of appeal that deals with specific legal issues before the entire case is concluded.
Unfortunately for the SEC, however, Torres herself later yesterday confirmed in her ruling that such a requested appeal is not satisfactory in order to proceed.
Crypto company gets full license for digital payments in Singapore
Also in today’s day and in Ripple’s home, another important event can be celebrated. The crypto company has succeeded in obtaining a full license in Singapore as a provider of digital payment token services.
Again Brad Garlinghouse could not hold back in commenting on X about the big event as follows:
“Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore.”
According to the release, Singapore subsidiary Ripple Markets APAC Pte Ltd, has obtained the MPI – Major Payments Institution – license, directly from the Monetary Authority of Singapore (MAS).