XRP continues trailing upward for the second week, outrunning Bitcoin in performance. The sixth leading altcoin moons following whales acquiring more of the asset into custody. Santiment, a crypto analytics company, provided data on XRP’s recent trading actions.
Ripple Beats Bitcoin’s Performance
Santiment reported that XRP/BTC expanded to a price level from September 2021. The asset also traded close to a similar range in March March 2022. September 2022 has likewise seen it surge to the same price range as then.
The firm stated that this occurred due to whales purchasing at an extensive rate lately.
Furthermore, SEC (Security and Exchange Commission) might drop the charges brought against Ripple in 2020. Therefore, whales are anticipating Ripple to walk out free from the courtroom.
At press time, XRP/USDT is down 3.23 percent, trading at $0.4903. On the previous day, the pair hit a high of $0.5586 and a low of $0.4589. However, it recorded a 20 percent rise over the last twenty-four hours.
In seven days, XRP did 55 percent.
According to the analytics company, XRP outdid Bitcoin with its latest price projections.
Ripple’s Lawsuit
Ripple was founded in 2013 by Brad Garlinghouse. Its use case identified it as a blockchain aimed at reducing transaction costs for financial institutions. Also, it would provide quick funds transactions between or among these entities.
XRP is its native token created to pool funds for the company.
In December 2020, SEC sued Ripple Labs for generating funds via unlicensed transactional means. The security agency accused the firm of raising $1.3 billion selling XRP.
Chris Larson, Chairman of Ripple Labs, and Brad Garlinghouse declared the accusation false. Both men claimed the sales were legal. They grounded their claim on the Howey Test, which determines whether an asset is a security.
However, according to them, XRP is not a security as it did not meet a security’s requirements. Usability as an investment contract is the first criterion for any security. Meanwhile, XRP flunked the part.
Ripple Labs’ founder and the Chairman claimed that XRP failed the Howey test. Therefore, it has no contract, written or oral. But SEC argued contrarily, stating it passed the test.
Latest Developments Around Ripple’s Case
Both entities involved in the lawsuit filed a case review on September 17. Judge Analisa Torres, New York’s district court, looked into the motion request. Eventually, two days later, they were granted their request.
An advocator for blockchain, the Chamber of Digital Commerce (CDC), filed an amicus curiae brief. The brief that propped Ripple stated that a digital asset is not a security because it is digital. Therefore, the court should review the case and make its verdict.
However, SEC refused to stand by the brief. Ripple’s lawyer stated it is another stratagem to linger the case further.
Brad, on September 22, showed up on Fox Business and opined that the court would not try the case again. Instead, the court should make a final ruling that will likely dismiss the charges.
Due to this optimism, XRP has been positive on the charts facing upwards.
Investors are waiting for the final date when the court will make a ruling.
