Ripple’s price has increased by over 5% due to a federal judge denying the Securities and Exchange Commission’s (SEC) attempt to appeal its loss against Ripple.
District Judge Analisa Torres ruled that the SEC failed to satisfy the legal burden to show controlling questions of law or substantial grounds for differences of opinion. The trial date for unresolved matters has been set for April 2024, giving the SEC the option to re-appeal the case after the trial.
The article mentions that in a previous ruling, Judge Torres stated that Ripple had violated federal securities laws by directly selling XRP to institutional investors but had not contravened such laws by making Ripple’s token available to retail customers through programmatic sales to exchanges.
This outcome brings relief and optimism for Ripple as it continues to contest the SEC’s allegations of conducting an unregistered securities offering. At the time of writing, XRP was trading at $0.53.
Source: BENZINGA Crypto
