Over the last 24 hours, the price of XRP (CRYPTO: XRP), which was developed by the company Ripple Labs, is trading about 10.7% higher as of 10:24 a.m. ET today after receiving a favorable ruling in court.

In 2020, the Securities and Exchange Commission sued Ripple Labs, claiming the company did not properly register XRP as a security when it raised funds in 2013. The SEC also alleged Ripple did not provide adequate disclosure to investors.

In recent weeks, however, the case has taken a favorable turn for Ripple after the company and the SEC both called on the U.S. District Court for the Southern District of New York to make a summary judgment.

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Source Fool.com