Two-year legal battle for XRP is coming to an end

Ripple’s two-year legal battle with the US Securities and Exchange Commission (SEC) is coming to an end. The crypto company has filed a response to the commission’s opposition to the motion for summary judgment.

Ripple’s general counsel, Stuart Alderoty, tweeted that the firm’s response was its latest filing. He said the firm asked the court to rule in its favor in the filing. Alderoty said the crypto company was proud of the defense it mounted on behalf of the crypto industry.

Crypto payments company CEO Brad Garlinghouse echoed Alderoty’s view, saying, “Ripple stood strong and resisted the SEC’s attack.”

Ripple’s argument

The redacted Dec. 2 lawsuit argued that the SEC failed to prove the existence of an investment contract.

The firm said both Ripple founders were entitled to summary judgment on their decision to sell on foreign exchanges. According to the firm, the SEC could not provide any material fact to suggest otherwise.

Ripple wrote:

“After nearly two years of pleadings, discovery and motion practices, the SEC still cannot identify the alleged ‘regular enterprise,’ cannot explain how XRP holders can meaningfully expect profits from Ripple’s efforts, and cannot answer the point that many XRP- recipients invested no money at all.”

Ripple enjoyed immense support from the community

When the two-year case ended, Ripple enjoyed massive support from the crypto community during the legal battle.

About a dozen amicus curiae briefs were filed by crypto companies like Coinbase and others. Apart from that, around 70,000 XRP holders also submitted a letter in defense of the company.

Ripple also achieved smaller victories such as winning access to former SEC Director William Hinman’s emails.

Meanwhile, several analysts have argued that the outcome of this case will affect the broader crypto industry.

How did the XRP price fare

Immediately after the SEC launched its lawsuit against Ripple, several crypto exchanges halted XRP trading and delisted it. The crypto asset was among the top 4 digital assets by market capitalization at the time.

According to CoinMarketCap data, XRP’s market cap fell to a low of $9.98 billion after the lawsuit. But the asset rebounded during the 2021 bull run, reaching as high as $83.42 billion in April 2021.

XRP’s price also briefly traded above $1 during the lawsuit, peaking around $1.80. However, the current bear market conditions have sent the asset’s price to $0.39 at press time.

XRP Price Performance (Source: CoinMarketCap)

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