XRP price rally seen in the market, and support is drawn from Korea

XRP price rally seen in the market, and support is drawn from Korea 

Through Judge Analisa Torres, Ripple partially defeated a US financial regulator, laying the groundwork for using the court’s decision for additional associated proceedings in Korea. The US court’s decision is being used as leverage by the prosecution in Terra LUNA’s trial in Korea, and they intend to use it to support their claims in court. John Deaton, an attorney who supports XRP, claims that if the Bitcoin bull market returns, XRP is on schedule to reach a new record high.

Deaton is optimistic about the altcoin’s comeback and believes that a rise in the price of Bitcoin is a necessary precondition for a rise in the price of XRP. Click here to learn more about it. A verdict from the U.S. court pertaining to Ripple has been translated, according to authorities from the Seoul prosecutor’s office. The paper attests to the fact that although XRP was not classified as a security in and of itself, it was when sold to financial institutions. This crucial discrepancy calls into question claims that XRP and Luna Coin are not securities under Korean law.

Read Also: Are the XRP Trades Facing the Highest Losses When They are in the Market?

How is the price rally?

The Terra LUNA lawsuit, according to sources in the Seoul Prosecutor’s office, is primarily focused on whether or not those tokens qualify as “securities.” Prosecutors have made known their intention to present documents and court rulings as proof that the sibling tokens of Terraform Labs were not securities.

The Ministry of Justice requested a translation of the Ripple-related verdict with the Southern District Court of New York, according to Chief Prosecutor Dan Seong-han of the Seoul-based Southern District Prosecutor’s Office. It is believed that Ripple’s partial success over the SEC is essential for proving the prosecutor’s assertions that LUNA qualifies as a “non-security.

Read Also: Caroline Ellison: Math Whiz and Key Figure in FTX Trial

Facts not to miss on this

A representative for the prosecutor’s office informed Forkast through text message on Tuesday that the Seoul Southern District Prosecutor’s Office recently got a translated copy of the judgment in the U.S. Securities and Exchange Commission’s lawsuit involving Ripple Labs regarding the selling of XRP cryptocurrency.

Prosecutors in Seoul intend to present the XRP decision to the local court as evidence that Terraform Labs’ Luna cryptocurrency qualifies as a financial security. The co-founders of Terraform Labs, Kwon Do-hyeong and Shin Hyun-seung, are facing a number of accusations, including forgery and unauthorized offerings involving monetary securities, according to the prosecution.

The programmatic sales of the XRP cryptocurrency by Ripple Labs were not considered the offering and sale of financial securities, according to a judgment rendered on July 13 by the U.S. Court for the Southern District of New York. The court found that, however, Ripple’s institutional XRP sales constituted an improper offer and purchase of securities.

Kwon, a co-founder of Terra, is now being held in custody in Montenegro for seeking to travel on fraudulent documents, and on July 10, a Seoul court convened the first preparatory session for Shin and seven former Terra workers. Kwon is additionally wanted in the United States on identical fraud and securities law infractions accusations, among other crimes connected to the collapse. According to him, the accusations against him are unfounded and politically motivated.

Read Also: XRP Surpasses Ethereum as South Korea’s Most Popular Altcoin


Is XRP considered as a security?

A court decision issued on July 14 states that it relies on the transaction: XRP is a security for over-the-counter or institutional sales. XRP does not constitute a security for individuals who purchased the token through algorithmic sales on markets, on-demand settlement services, and other platforms.

Can the court’s decision be changed?

A portion of the case was decided by summary judgment. Once the final ruling has been rendered, or earlier if the judge permits it, the decision may be appealed. Pretrial proceedings for the case are ongoing, and settlement talks between Ripple and the SEC are still open.

Can XRP be purchased in Korea?

Lowest Fees to Buy XRP (XRP) in South Korea. Our network is the most welcoming place to start if you want to buy XRP (XRP) in South Korea. Our platform was created with simplicity, usability, and trustworthiness in mind to make the purchasing process stress-free.

Has XRP a bright future?

In August 2022, XRP breached a long-term negative trendline, and it has since made a higher high. We forecast that by the finish of 2023, XRP could retest the $0.3245 lows because there is no end in mind for the Ripple vs. SEC case. Our XRP estimate estimates an average price of $3.50 by the year’s end of 2025, if Ripple prevails in its legal battle with the SEC.

What is the reason that XRP is so well-liked in the market?

Ripple (XRP) offers a robust currency exchange and payment settlement system with super-fast transaction times and cheap transaction costs. It stands out as a distinctive and alluring alternative in the constantly changing world of cryptocurrencies thanks to its novel approach to financial transactions.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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