XRP Surges Amid Increased Activity In The Ongoing Case Between SEC And Ripple

Increased activity in the ongoing case between the US Securities and Exchange Commission (SEC) and Ripple sparked investor interest in XRP this week. The embattled altcoin experienced significant volatility, producing a three-day winning streak. TradingView data shows that on Friday alone, XRP rose 4.52% moving from an intraday low of $0.51459 to a high of $0.53683.

XRP’s price movement on Friday capped off a busy week for the altcoin following a series of events between the SEC and Ripple. Both sides involved themselves in motions and protests, arguing the ongoing case and asking the court to rule in their favor.

Earlier this week, the SEC filed a lawsuit against Ripple’s “Motion to Strike,” asking the court to ignore testimony and evidence from Andrea Fox, the SEC’s enforcement accountant. The fintech company cited several reasons for its proposal, including delays in including new expert material.

In its filing, the SEC argued that Fox’s testimony did not necessarily include new expert material and asked the court to dismiss Ripple’s motion. Later in the week, Ripple countered the SEC filing with an opposing motion, begging the court not to approve it.

Industry stakeholders like Bill Morgan, a well-known crypto lawyer, see no chance of the court granting “Ripple’s Motion to Strike.” However, he predicted there would be a situation where the Judge would allow the company to fire him based on some of the expert evidence he provided.

The back-and-forth between the two parties reignited investor interest and created a stir in the crypto world. This created some volatility in XRP, especially as users expected the case to come to a conclusive conclusion soon.

The SEC went to court to hit Ripple with a fine of up to $2 billion for selling XRP as collateral to institutional investors. Ripple defended its position, aiming to convince the court of a lesser penalty in the ongoing litigation.