On March 13th, 2023, the United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. (Ripple) appeared before the Southern District of New York to present their respective sides at a hearing regarding the ongoing legal battle between the two parties. This case began late last year when the SEC filed a lawsuit against Ripple. Alleging that it had sold unregistered securities, namely its XRP tokens.
Ripple has vigorously defended itself by arguing that XRP is not a security. Above all should not be regulated as such by the SEC. This hearing was part of an ongoing legal process that has yet to decide or even come close to resolving this dispute.
During the hearing, both sides presented their arguments. However, they also discussed important issues such as whether XRP should be considered a security or not. The judge presiding over the case did not issue any immediate rulings but stated that he would take some time to consider all of the evidence presented before rendering his decision on this matter.
XRP price analysis
The value of XRP has been closely linked to the overall market performance, and as of this writing it is trading at $0.37 with a nearly 2% increase over the course of the last week. This is indicative of a steadily growing demand for the token. All this is happening because investors looking to capitalize on its potential upside.
Fueled by bullish sentiment across the crypto markets, XRP has seen an uptick in activity and is increasingly becoming a more attractive investment option for those seeking short-term gains as well as long-term returns.
