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XRP Surges Amid Middle East Tension and SEC vs Ripple Case Update

Published 20/04/2024, 15:05
XRP Surges Amid Middle East Tension and SEC vs Ripple Case Update
XRP/USD
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Coin Edition -

  • XRP saw modest gains on Friday amid geopolitical strains in the Middle East.
  • The SEC vs Ripple case update also triggered a potential resurgence for XRP.
  • Ripple has until April 22 to file an opposition brief in ongoing litigation.

XRP saw modest gains on Friday amid geopolitical strains in the Middle East and updates in the case between the Securities and Exchange Commission (SEC). The embattled cryptocurrency rebounded from an early drop to close the day in profit. TradingView data reveal that XRP started the day at $0.50237, and dropped to $0.46700, before rebounding to close the day at $0.50358.

Notably, XRP’s initial slump on Friday followed the news of Israel retaliating against the Iran attack of April 13. However, Iran downplayed the missile attack, the result of which led to a calming market sentiment.

Although many risk assets investors focused on the geopolitical tensions in the Middle East, the SEC vs Ripple case remained XRP’s most significant determining factor. There are three remaining filings before Judge Analisa Torres would give a final ruling on how much fine Ripple would pay for breaching U.S. Securities laws.

One of the remaining filings is Ripple’s opposition brief, which the court mandated the establishment to file by Monday, April 22, and a redacted version by April 24. The court expects Ripple’s opposition brief to address the allegations made by the SEC from the opening brief.

If Ripple succeeds in addressing the SEC’s claims, it could lead to a significant reduction in the penalties Ripple must pay. Hence, the coming days could be significant in the life of XRP, considering how long the case has lasted and the impact it has had on the crypto token’s development.

XRP continued to surge in the early hours of Saturday following relaxed geopolitical tension and a potential end in sight for its legal battles. The top altcoin traded for $0.51407 at the time of writing, gaining 2.17% from its opening price, according to data from TradingView.

The post XRP Surges Amid Middle East Tension and SEC vs Ripple Case Update appeared first on Coin Edition.

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