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Pro-Ripple 
$2 attorney Bill Morgan has criticized the U.S. Securities and Exchange Commission’s (SEC) new opening petition in the XRP case. Morgan stated that the SEC does not understand the dynamics of the cryptocurrency market and rejected the regulator’s claims. During this time, XRP’s price reached $3, garnering significant interest in the global crypto market.
SEC’s Allegations on XRP Sales
The SEC, in its opening petition to the U.S. Second Circuit Court of Appeals, alleged that Ripple violated securities laws through its XRP sales. The petition included language suggesting that the American blockchain company’s actions created expectations of profit for investors based on the increasing value of its local coins.
Morgan’s Critiques of the SEC
In a statement made on January 16, Bill Morgan remarked, “This is complete nonsense, and it shows the SEC’s lack of understanding of crypto markets and price increases.” He noted that market movements are generally broad and not driven solely by an issuer’s promotions. “When the market rises, all boats rise, and this often aligns with Bitcoin 
$105,453’s increase,” he added.
Progress in the Legal Process
The opening petition followed both parties mutually filing a commitment after discussions in the XRP case. According to CoinGape, the regulatory body and the company agreed on a timeline for further filings regarding cross-appeals in the Ripple vs. SEC case.
Significant Market Activity
At the same time, substantial whale movements caught attention in the market amidst legal developments. CoinGape reported that XRP whales moved approximately 130 million tokens ahead of the latest developments in the Ripple vs. SEC case, fueling speculation.
XRP Price Surge
The price of the American blockchain company’s local coin reached unique levels despite rising U.S. consumer price index inflation data, boosted by an expanding crypto market recovery. XRP’s price surged by 8%, trading at $3.07, with 24-hour lows and highs of $2.72 and $3.18, respectively.
The rising market activity among significant legal developments has sparked investor enthusiasm. Despite legal uncertainties, market sentiment remains optimistic for long-term prospects. Given XRP’s long-term potential, Ripple’s coin continues to be highlighted among leading cryptocurrencies. According to JP Morgan analysts, as the possibility of an XRP ETF increases, traders and market players maintain a positive outlook on the crypto asset.
