Originally published on: October 11, 2024
The XRP price has surged by more than 3% in the last 24 hours, reaching $0.54 on Oct. 11. This jump comes in the wake of Ripple’s filing of a notice of cross-appeal against the United States Securities and Exchange Commission (SEC).
Ripple’s legal battle with the SEC continues to make headlines, with the company officially filing a notice of cross-appeal following the SEC’s appeal of an earlier ruling. This legal tussle has garnered significant attention from the crypto community, leading to a boost in XRP’s market performance.
Bitnomial, a crypto exchange, has also added fuel to the fire by filing a lawsuit against the SEC, challenging the agency’s jurisdiction in classifying XRP as a security. The exchange argues that XRP should be considered a commodity under the Commodity Futures Trading Commission (CFTC) regulations, not a security.
The market’s positive response to Ripple’s cross-appeal and Bitnomial’s lawsuit indicates growing optimism surrounding XRP’s future. Despite technical indicators suggesting potential downside in the coming weeks, investors seem confident in XRP’s ability to weather the storm.
While this article does not provide investment advice, it’s clear that XRP’s recent price surge is linked to its ongoing legal battles and the broader market sentiment. Stay tuned for more updates on this evolving situation.
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