XRP Surges 8% Amid Ripple’s Court Victory

XRP Surges

Fintech company Ripple has achieved another victory in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC), which is positive news for XRP holders. On May 16, the judge overseeing the Ripple vs. SEC case denied a motion filed by the securities regulator to seal the documents related to a 2018 speech given by former SEC director William Hinman. Judge Torres ruled that the Hinman documents are judicial documents with a strong presumption of public access and ordered the clerk to unseal the exhibits covered in her order, including documents related to Ripple’s sales of XRP. This ruling is seen as a win for transparency.

SEC’s Attempted Concealment Met with Judicial Resistance

The SEC had sought to seal internal emails, text messages, and expert reports following Hinman’s speech, but Judge Torres deemed these documents as judicial and subject to public access. Ripple CEO Brad Garlinghouse hailed the decision as a victory for transparency. Ripple has used the June 2018 speech by Hinman, where he stated that current offers and sales of Ether are not securities transactions, as a key argument in its defense against the SEC’s allegations of selling unregistered securities. The SEC’s attempts to conceal these crucial documents and speeches during the case have been met with resistance.

Related: Banking Crisis Could Spark The First ‘Extended Duration Bitcoin Bull Market,’ Says Swan Bitcoin CEO

XRP Prices Surge 8% in Response to Legal Triumph

Ripple expects the court to reach a verdict by this summer, and a favorable outcome would significantly impact not only Ripple but also the broader cryptocurrency industry. XRP prices have reacted positively, surging nearly 8% in the past 12 hours. At the time of writing, XRP was trading at $0.457, approaching the resistance level around $0.460 seen at the beginning of May. Although it experienced a local peak just below $0.55 in late March, the coin has struggled to maintain momentum. XRP’s current price is 86.5% lower than its all-time high of $3.40 reached in January 2018.


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Source: beincrypto

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