Learn about the reasons for the rise in XRP in the last 24 hours
After another hearing between the SEC and Ripple, the cryptocurrency community, Ripple, was delighted with the way the session ended.
Judge Sarah Netburn asked for clarification on whether everyone selling XRP violated securities laws, the SEC's attorney replied:
No.Only Ripple and its subsidiaries can illegally sell XRP.
This means that cryptocurrency trading platforms such as “Binance”, “Kraken”, “Bitstamp” and “Coinbase” that have deleted XRP or stopped trading in the US were not violating securities laws and would not be if they decided to resell XRP, which is what Attorney Jeremy Hogan explained it.
Hogan is not involved in the case, but he has been following the SEC's lawsuit against Ripple closely and analyzing it weekly.
Hogan explained that many cryptocurrency trading platforms were not violating securities laws and were not targeted by law enforcement if XRP remained listed on their platforms.
This prompted several XRP enthusiasts and investors to file a petition for re-listing of XRP.
After the hearing, which was billed as a success for Ripple, many XRP advocates turned to Twitter to demand the return of trading platforms to the cryptocurrency XRP.
In the US, the re-listing brand of Ripple is starting to appear on Twitter under the tagline “RelistXRP”.
The “XRP Army” behind the cryptocurrency appears to be strong, as one tweet reported that the word “#RelistXRP” generated at least 29.7K tweets.
The positive sentiment surrounding XRP also contributed to the price boost of the cryptocurrency.
Currently, the currency broke the $ 0.50 level and increased 11% over the past 24 hours.
On “CoinMarketCap,” XRP is trading at $ 0.5692 at the time of writing.
Will the XRP holders try again to intervene in the case?
The enthusiasm of the XRP cryptocurrency holders remained strong, despite the SEC's lawsuit.
According to Brad Garlinghouse, CEO of Ripple, the lawsuit brought by the SEC is an attack on the entire cryptocurrency industry.
Many XRP investors seem to share their sentiments, as they recently filed a class action lawsuit in order to participate in the case as defendants and as third parties in the case.
Where more than 6000 XRP holders cooperated and submitted a proposal represented by attorney "John E. Deaton", to intervene. The request was submitted to Judge Annalisa Torres.
The request was rejected.
It is not a categorical refusal, which means that XRP investors can reformulate the proposal in the future, which was confirmed by attorney, Deaton.