XRP Surges Past $0.62, Reversing the Pre-CPI Report Losses

Ripple‘s XRP token maintains a positive track amidst anticipations of the platform’s opposition brief scheduled on April 22, 2024. In a recent turn of events, XRP jumped to a high of $0.6212, reversing the pre-CPI Report losses.

As of press time, Ripple was changing hands at $0.6185, showcasing a marginal surge of 2.69% over the last 24 hours. Adding to the intrigue, the XRP token has seen a substantial increase of over 24% in the last week and a modest uptick of 1.68% in one month.

With a market cap of $34,056,510,337, XRP stands firm among the top 10 cryptocurrencies. However, its trading volume, currently at $2,385,213,279, has declined 5.22%, showing the diverse trends in crypto trading.

Ripple has been long held in a legal war with the Securities and Exchange Commission (SEC) since the regulators filed a lawsuit against the platform in 2020. Though the SEC accused Ripple of offering unregistered securities, Judge Analisa Torres‘ ruling that XRP’s sales on public exchanges were not securities marked a partial victory for the platform.

Nonetheless, the Ripple-SEC saga does not end. Further developments, such as the SEC‘s motion for interlocutory appeal, its rejection, the SEC’s opening brief, and other such developments on the case, emerged over time. While SEC‘s opening brief was extended to March 22, Ripple’s opposition briefs deadline was rescheduled to April 22. Meanwhile, Ripple, CEO Brad Garlinghouse, and subsidiary XRP II, LLC, faced another lawsuit in California for alleged violations of federal and California securities laws.

While Ripple‘s opposition briefing nears, the community is keenly watching the market’s response. In addition, the opposition brief could influence the size of the penalty for breaching Section 5 of the 1933 Securities Act.