XRP has surpassed $3, buoyed by speculation that the SEC may soon dismiss its long-standing case against Ripple Labs. This surge, the first in over a week, comes as XRP rose over 4.5% within 24 hours, marking a confidence boost among investors. According to lawyer Bill Morgan, there’s a strong possibility of an SEC vote to dismiss the appeal before the August 15 deadline for a joint report to the US Court of Appeals. Morgan highlighted that Ripple had previously agreed to dismiss its appeal, and both parties had signed a conditional settlement agreement, although conditions were not met at the time. The legal battle, ongoing since December 2020, has been pivotal in defining the legal status of XRP, with a previous ruling stating that XRP is not a security for retail investors, but may be considered one for institutional sales. The forthcoming joint report could lead to a dismissal of the appeal and finalization of the settlement, concluding nearly five years of litigation.

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