XRP, the %Cryptocurrency token of gross settlement system %Ripple Labs, is up 7% on reports that a settlement might be near in a long running legal battle with the U.S. Securities and Exchange Commission (SEC).
XRP is also getting a boost and trading at its highest level since March of this year due to a large scheduled token unlock.
A legal filing shows that the SEC plans to alter its complaint against crypto exchange Binance, including with respect to “third party crypto asset securities,” which likely means that the judge in the case won’t have to decide whether tokens such as XRP are unregistered securities.
The news also benefits other cryptocurrencies such as %Solana (CRYPTO: $SOL).
The legal filing by the SEC has raised hopes that the legal dispute between the SEC and Ripple Labs, which the regulator asserts issues the XRP crypto illegally, is coming to an end.
Ripple and XRP are different from one another.
Ripple is a financial technology company focused on building a global payments network, while XRP is an independent digital asset used for online payments and currency swaps.
Ripple is set to unlock one billion XRP tokens worth $641 million U.S. in August of this year as part of a preset schedule.
The additional tokens are expected to boost the liquidity of XRP and drive its price higher.
The current rise in XRP’s price brings its increase this year to 2%. The cryptocurrency is currently trading at $0.64 U.S.
