XRP soars 28% as Ripple executives motion to dismiss SEC suit

• Ripple's XRP token on Tuesday surged 28%, to $1.73, the highest point in over three years.
• Ripple executives had filed motions to dismiss the SEC's lawsuit against them.
• The motions followed two small victories last week for Ripple against the SEC's complaint.

Ripple Labs' XRP token reached its highest point in over three years on Tuesday morning after the cryptocurrency company's executives filed motions to dismiss the US Securities and Exchange Commission's lawsuit against them and the company.

XRP gained 28% to reach a 24-hour high of $1.73. 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 make it the world's fourth-largest cryptocurrency by market capitalization.

CEO Brad Garlinghouse and Chairman Chris Larsen on Monday filed motions to dismiss the SEC's lawsuit. If the motions are granted, it would end the lawsuit.

The SEC's 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.

Ripple had two small victories last week when the court denied the SEC's request for eight years of financial data belonging to Garlinghouse and Larsen and rejected other subpoenas seeking to obtain the executives' financial records.

XRP isn't the only cryptocurrency on a tear on Tuesday: Bitcoin and ether reached new all-time highs ahead of Coinbase's direct listing later this week.

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