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Ripple v. SEC case update as of September 29, 2023

Ripple v. SEC case update as of September 29, 2023

Although the courtroom battle between Ripple and the United States Securities and Exchange Commission (SEC) is not yet officially over, the blockchain company has decided to throw a party commemorating the (partial) legal victory secured on July 13.

Indeed, ‘The Proper Party,’ which celebrates Judge Analisa Torres’s ruling that retail XRP sales did not constitute securities sales, will take place on September 29 in New York City and has already garnered massive interest on a dedicated website for party registrations launched by Ripple.

As it happens, the attendance of Ripple’s ‘The Proper Party,’ for which the RVSP window is now closed as of press time, requires a valid government-issued identification card and only accepts individuals aged 21 and above.

Proper Party and potential price

Meanwhile, some cryptocurrency experts view the event as a potential trigger for an XRP price gain, including pseudonymous crypto analyst Cryptoinsightuk, who believes that the upcoming party is one of the two possible catalysts for XRP, in addition to the potential final outcome of the court standoff with the SEC.

Indeed, the price of XRP did soar shortly after the initial announcement of The Proper Party, but Wall Street veteran Linda P. Jones has pointed out that the event was not primarily about XRP despite it being a celebration of the XRP community’s legal triumph. 

In the meantime, the blockchain company’s defense has grown by another member, attorney Rahul Mukhi of Cleary Gottlieb Steen & Hamilton LLP, who filed his Appearance on Behalf of Ripple’s CEO Brad Garlinghouse, according to the document shared by attorney James K. Filan on September 25.

More recently, legal expert and popular commenter on the SEC case, John E. Deaton, published a blog post on his website CryptoLaw, criticizing the SEC’s actions during the lawsuit, including the interlocutory appeal, as “desperate tactics of a regulator who lost the case.”

As things stand, the XRP token that is at the center of the ongoing court battle was at press time changing hands at the price of $0.50887, recording an increase of 2.01% in the last 24 hours, although it is still recording a loss of 0.4% across the previous seven days and aa 4.39% decline on its monthly chart, as of September 29.

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