Ripple Moves To Dismiss Lawsuit While XRP Hits Three-Year High

Ripple moves to dismiss the SEC lawsuit after the few courtrooms wins for the company while XRP hits a three-year high as we can see in our latest XRP news today.

The recent wins in the courtroom led Ripple to file a motion to dismiss the lawsuit entirely. The crypto company which created the XRP Token and is responsible for it was sued by the regulator at the end of 2020. The charges against the company and the top executives asserted that XRP is unregistered security and that “Ripple sold XRP widely into the market, to individuals who had no “use for XRP” while Ripple described the potential uses when they didn’t even exist which is why Ripple moves to dismiss it.

Monday’s filing followed US District Court Judge Sarah Netburn’s decision to grant motions from Ripple, one of which allowed for redactions in certain documents and emails and another to expose the internal SEC writings about BTC and ETH. The hope with the latter is that the defense can use SEC’s own language about BTC and ETH to argue that XRP will be excluded from securities laws.

Netburn said that Ripple’s top executives weren’t required to expose the personal financial information that the SEC demanded which marked another win for the company. When the changes were announced, XRP was the third most valuable cryptocurrency and while some institutions already ditched their partnerships with Ripple, the traders were undeterred. Other coins that outpaced XRP for a few months are slowly going back to their spots because the cryptocurrency is climbing its way back to the top biggest coins by market cap.

XRP trading was halted from major exchanges like Kraken and Binance but the recent wins combined with the bullish market are helping drive the price of the token. XRP increased by 35% today and is now trading at $1.77 which is the highest price recorded since 2018.

As recently reported, Ripple rallied towards $1.50 before correcting lower against the dollar and now the price is trading well above it and the 100 simple moving average. There’s a key contracting triangle that is forming with the support near $1.310 on the 4-hour chart of the pair which is likely to start a new rally if it clears the $1.400 resistance.