Analisa Torres (the district court judge) has made a significant decision on the lawsuit between the SEC and Ripple Labs. As the judge presiding over this case, Torres denied the US Securities and Exchange Commission’s (SEC) request that requests the agency’s loss confronting Ripple Labs. Judge Torres’ earlier decision of 13 July said that Ripple infringed none of the federal securities laws.
SEC served another L in the Ripple case.— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) October 3, 2023
They can’t appeal the decision until after a trial on remaining issues. pic.twitter.com/t4rbAME1Cv
XRP Reaches Heights as the Court Rejects the US SEC’s Recent Request
However, this decision was specific to the trade of XRP (the native token of Ripple) on crypto exchanges. The securities regulator had pursued to appeal against the verdict by asserting that the respective decision would have a crucial impact on several lawsuits. Nonetheless, the judge disagreed and mentioned that no substantial basis existed for diverse viewpoints on her verdicts.
Therefore, the judge stated that the respective appeal would not crucially progress the lawsuit toward a conclusion. After the ruling, the price of XRP rapidly spiked by up to ten percent. In this respect, it went against the rest of the market’s momentum, as the blockchain data platform Santiment disclosed. Following that, it dropped the majority of the gains in the next hours.
Even then, XRP secured a significant position among the crypto assets during the recent 24 hours. At the current time, the crypto token has an exchange rate of up to $0.5328. The recent ruling of Judge Torres additionally amplified the discussions concerning the crypto token.
Social Dominance of Ripple’s Native Token Reaches Its Highest Level
Santiment’s statistics brought to the front that the ruling paved the way for the social dominance of XRP. As a result, its dominance reached its highest level. At the moment, the social dominance of the token is approximately 6.45%. The 12-hour chart of XRP shows that the token’s accumulation elevated steadily amongst the spot traders.
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