Rising over 7.5% to $0.706915 at the time of writing, XRP, the native cryptocurrency of Ripple Labs, has been going bullish ever since Ripple’s win yesterday: getting a leg up in SEC’s lawsuit filed against the tech company.
Yesterday, defense lawyer James K. Filan shared that District Judge Torres has denied the Securities and Exchange Commission’s motion to file a sur-sur-reply in support of its motion to strike Ripple’s fair notice defense: U.Today notes. They also added that, in its request to file a sur-sur-reply to Ripple’s sur-reply, the SEC refers to a similar case featuring blockchain company LBRY Inc. However, Ripple’s lawyers argued that the SEC should not be permitted to use “out-of-circuit” examples to support its case against the company’s crucial fair notice defense.
Earlier, LBRY had joined Ripple by trying to rally with the industry against the SEC, claiming that the regulator’s enforcement actions would jeopardize other blockchain projects.
Bitcoin Rallies In The Last 24 Hours
After a widely concerning bearish start to 2022, bitcoin is now trading at nearly $39,000 with a 6.7% in the past 24 hours at the time of writing. The cryptocurrency has shown a noteworthy recovery this month, rising 5.1% in February 2022. This bullish trend comes as a major relief to many in the crypto community, who are increasingly more sensitive to a possible crypto winter, or worse, a burst of the crypto market’s ‘bubble’.
Ethereum Staking Yeilds Will Multiply After Merge With Beacon Chain
Chinese crypto-journalist Colin Wu, who also shared the possibility of Elon Musk having just bought a top-tier Bored Ape YC NFT on 25 February, reported while referring to Coinbase’s message, that after the merge between Ethereum mainnet and Beacon Chain, ETH staking yields are expected to rise from 4.3-5.4% APR to 9-12% APR around June of this year. The near to two-fold rise will most likely attract new investors to participate in the Ethereum staking contract that has already consolidated 1.92 million ETH. Some of them have already decided to join by transferring 28,000 ETH to the contract in a single transaction, U.Today observed.