Ripple may reclaim 6th place, surpassing the ADA and SOL

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XRP is performing exceptionally well due to a positive result in the SEC v Ripple lawsuit.

After Judge Analisa Torres’ latest order, Ripple’s (XRP) price has soared to new highs not seen since the start of the year.

After a good turn of events in Ripple’s legal fight with the Securities and Exchange Commission, XRP has recovered a market valuation of $40 billion, surpassing Cardano (ADA) and Solana (SOL) to become the sixth-largest digital currency by market capitalization.

XRP has gained 37 percent in the previous seven days, according to Coingecko statistics, and is presently trading around $0.8627 after touching $0.91. XRP has a $41 billion market value, whereas Cardano and Solana have market caps of $39 billion and $35 billion, respectively.

Ripple’s lawsuit is nearing its conclusion.

In the landmark case against the blockchain business, Judge Torres recently ruled that all sealed records in the firm’s legal dispute with the Securities and Exchange Commission should be unsealed.

The records are believed to be a major factor in determining whether Ripple made an unregistered securities transaction in the US.

Chris Larsen, the creator and chairman of Ripple, included two memoranda as sealed exhibits during the early stages of the litigation in an attempt to dispute the SEC’s claim that the digital currency is not a security.

According to the anonymous attorneys ‘ materials, Ripple did not refer to XRP as an investment contract or securities in its communication to potential investors in 2012.

In a news conference, Ripple general counsel Stuart Alderoty stated,“They [the sealed documents] will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract. [We] look forward to the public having access to these documents as we continue to vigorously defend this case.” 

XRP’s price rise reflects investors’ relief that Ripple’s protracted legal fight with the Securities and Exchange Commission may soon be ended, despite attorney John Deaton’s recent statement that the matter may drag on until next year.

If the document justifies the dismissal, it suggests that the government is unfamiliar with bitcoin. The SEC is adamant about not learning before going to court.

Several experts, like attorney Deaton, believe that if the secret records are unsealed, the SEC will not have greater proof to oppose Ripple.

As previously stated, the result of the litigation will influence how cryptocurrencies are classified in the future.

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