XRP Surges to $1.85 as Ripple Executives File Motion to Dismiss SEC Lawsuit

XRP reached its highest point after Ripple’s executives filed motions to dismiss the US Securities and Exchange Commission’s lawsuit against them. The world’s fourth-largest cryptocurrency surged to $1.85 levels pushing its market cap above $82 billion.

Within the last 24 Hours, XRP price has gained 27% and greater than 69% on the weekly charts. This price rally comes as Ripple executives make an aggressive move to dismiss the SEC lawsuit against the company. CEO Brad Garlinghouse and Chairman Chris Larsen filed a motion on Monday to dismiss the SEC’s lawsuit on the company for allegedly selling XRP as illegal securities during its 2013 ICO.

The legal conflict between Ripple and the SEC began in December 2020 when the outgoing chairman Jay Clayton levied charges on the blockchain startup. Ripple has defended its place of no wrongdoing over the months and recently has seen the ball rolling in its favour.

Ripple had two small victories last week when the court denied the SEC to gain access to the personal financial spending of Ripple executives and granted access to the SEC documents confirming the status of Bitcoin (BTC) and Ethereum (ETH)

Currently, things are moving in favour of Ripple and with the latest motion of dismissing the lawsuit; the Ripple executives are just striking the hammer when the iron is hot. Some analysts now predict that XRP is all set to cross its previous all-time high of $2.58.

Famous Market Trade, Peter Brandt, predicts that XRP price will surpass its previous all-time high very soon. Peter Brand notes that XRP’s weekly technical chart reveals an inverse head and shoulder pattern, indicating a bearish-to-bullish trend reversal.

Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.