Benzinga - Ripple tokens (CRYPTO: XRP) have surged more than 20% as reports emerged that issuer Ripple is expected to win its landmark case against the U.S. Securities and Exchange Commission (SEC).
What Happened: XRP is currently trading at 44.9 cents with trading volumes of more than $5 billion and some traders have been caught offside, with over $17 million worth of XRP-tracked futures liquidated in a higher-than-usual figure, according to Coinglass data.
Ripple made a new filing this week in support of its fair notice defense, referencing rulings on SEC objections in the Voyager Digital Holdings bankruptcy case.
The basis for Judge Michael E. Wiles rejecting the SEC objections endorsed many of the arguments presented by Ripple defendants in the filing.
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Why It Matters: Market observers suggested traders reacted to rumors of the case being settled on paper, causing the XRP price to jump by double digits and rally above its long-held resistance levels.
"The presumed resolution of the case in Ripple's favor is driving this positive momentum," Henry Liu, CEO of BTSE told Coindesk.
Although Ripple has kept a distance from its relation to XRP tokens and the XRP Ledger network, any progress in the case has resulted in XRP price movement.
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