by Marco Oehrl
Investing.com – In recent weeks, indices have already been accumulating to say that Ripple had a good chance of not coming out on top in the lawsuit filed by the American Securities and Exchange Commission (SEC).
In the last few hours, the has managed to escape the upside, gaining over 36% for a price of $0.45874. This was arguably the 100 cryptocurrency with the highest gain.
After Ripple and the SEC filed motions to expedite the process, more and more market participants seem to believe that the court’s decision will be in Ripple’s favor.
Ripple is no longer alone in the courts, as the Chamber of Digital Commerce (CDC) has filed a request from Amicus, which the court has already accepted. The crypto lobby organization will now support Ripple in court as the outcome of the lawsuit will have repercussions for the entire industry.
Ripple CEO Brad Garlinghouse told Fox Business that the US Securities and Exchange Commission got it wrong and went through the mill just for that:
“With the publication of the accelerated requirements, many realized that the SEC may be going too far… One judge even said that the authority was not really following the law… We are convinced that the court has the necessary information to take a decision, and we believe it is clear that the SEC grossly exceeds its powers.”
The coming days will tell if this is the long-awaited sustainable upward exit, or just a short-lived flash in the pan.