Ripple Labs’ XRP token reached its highest point in over three years Tuesday morning after the cryptocurrency company executives filed a motion to dismiss the US Securities and Exchange Commission’s lawsuit against themselves and the company.
XRP gained 28% to reach a 24-hour high of $1.73 Tuesday. Earlier this month, XRP topped $1 for the first time since 2018 on the back of a broader rally in the crypto space. XRP’s price moves now make it the world’s fourth largest cryptocurrency by market capitalization.
Legal filings from April 12 show that CEO Brad Garlinghouse and chairman Chris Larsen filed a motion to dismiss the SEC’s lawsuit against them permanently. If granted, it would end the lawsuit against them.
The SEC lawsuit filed in December accused Ripple of effectively running a $1.3 billion unregistered securities offering with its sales of XRP, which the regulator deemed a security and not a cryptocurrency.
The motion to dismiss comes after two small victories for Ripple last week, when the court denied the SEC’s request for eight years of financial data belonging to Garlinghouse and Larsen, and rejected the subpoenas served by the SEC on a number of firms that had sought to obtain the executives’ financial records.