XRP Bounces Back with Shocking Increase by 10% Amid Lawsuit

As per the reports, the XRP price blew up to 10% nearly over the last 24 hours after keeping close tabs on CoinMarketCap. The XRP has enormously risen by 27% after dipping to its worst lows of $0.62 during the market selloff on February 24. 

After keeping close tabs on the going lawsuit, as per the reports, increasing investor optimism amid market crash and geopolitical affairs affecting the market, during the latest update in the SEC Lawsuit with a broader cryptocurrency market recovery could have played a major factor in a recent price increase.   

Despite New Developments in Ripple Lawsuit XRP Value Increased by 10%

XRP witnessed a spiking increase in the last three days, the numbers shockingly shot up to 15%. This hybrid token surprisingly reached highs of $0.797 on February 26 before a slight retreat was noticed. 

According to CoinMarketCap, presently XRP is trading at $0.764 and is currently ranking as the 6th Largest cryptocurrency by market capitalization, overtaking Cardano and Solana leaving them behind in seventh and eighth spots, respectively. 

The Ripple-SEC Lawsuit Updates

As per the reports, in recent updates regarding the lawsuit shared by the defense lawyer James K. Filan with the XRP community. They also stated that Ripple and the Individual Defendants have gone ahead and filed their opposition to the SEC’s Motion for Partial Reconsideration and Classification of Judge Netburn’s DPP Ruling. Ripple also stated that the SEC is quite simply seeking a “do-over” with its latest move. 

Attorney Jeremy Hogan, who is a partner at Hogan & Hogan, believes that Ripple’s recent move could be just the “hardest hitting brief” on the SEC. In a recent unsuccessful attempt by SEC, District Judge Torres denied, in a one-word order. They also stated that the SEC’s motion to file a sur-sur-reply in support of its alleged motion to strike Ripple’s fair notice defense.

U.Today recently reported, the SEC  filed an opposition to compel a turnover of notes taken by Matthew Estabrook, counsel to then SEC Commissioner Elad Roisman, to the Ripple defendants. Furthermore, the agency went ahead and also submitted the notes to Judge Netburn for an on-camera review. Ripple requested the Estabrook notes earlier in February and gave a really head-on argument that these were not protected when the agency claimed the deliberative process privilege (DPP).