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23 September: XRP Rallies As Legal Decision Looms
Ripple (XRP) rallied by 25% last night as optimistic speculators bet on the outcome of a legal fight which could determine the future of the cryptocurrency.
XRP was trading at 48p this morning, up from 37p yesterday morning, and from 30p this time last month. The token’s good fortunes may reflect a boost in investor sentiment following a legal filing on Monday this week.
There’s been an ongoing legal battle since 2020 between Ripple Labs, the organisation behind XRP, and the US Securities Exchange Commission (SEC) over whether the token is a security or a commodity.
In Monday’s filing, Ripple Labs asked a judge to make a final decision on whether XRP is a security based on the facts presented so far, rather than going to trial. The ruling is expected to land by mid-December.
Crypto markets are heavily influenced by sentiment, and so…
