© Reuters. XRP is up 7% in response to recent developments in the courts
- XRP is up 7% after the latest court ruling.
- Judge Torres denied the SEC’s request to seal documents related to Henneman.
- The XRP community expects a positive outcome from the protracted case.
XRP price increased by 7% following the recent developments. In one recent update, Judge Torres denied the SEC’s request to seal Hinman’s documents. Hinman’s documents have remained an important piece of evidence, including a 2018 speech by former SEC Chairman William Hinman.
The news was greeted with open arms, as the XRP price saw a positive rally. According to CoinMarketCap data, XRP is up more than 7% in the past 24 hours after the positive news. XRP is trading at $0.4531, up from a 24-hour low of $0.4202. The latest rally in value comes after nearly seven weeks of neutral moves.
Ripple CEO Brad Garlinghouse took to Twitter to share the news. Garlinghouse stated that Hinman’s unedited emails would be available to the public soon. He asked the community to stay in touch while the lawyers worked to make it happen.
Another win for transparency! Hinman’s unmodified emails will be available to the public soon – stay tuned as attorneys work through the mechanisms to make this happen. https://t.co/o6puPypRHd https://t.co/qmaLVeQaP8
— Brad Garlinghouse (@bgarlinghouse) May 16, 2023
The Securities and Exchange Commission (SEC) has recently increased its scrutiny of the cryptocurrency space. This has also prompted some industry giants, including Coinbase (NASDAQ :), to call for a clear regulatory framework.
A lawsuit has been filed against Ripple Labs Inc. Inc., the company that created the XRP cryptocurrency, along with its founders Chris Larsen and Brad Garlinghouse, was arrested by the Securities and Exchange Commission in December 2020. The SEC alleged that Ripple sold XRP tokens to investors in unregistered securities worth $1.3 billion in offering.
According to the SEC, Ripple must register its token sales with commission, and XRP must be classified as a security. On the other hand, Ripple has strongly refuted these accusations.
A number of cryptocurrency exchanges have canceled or temporarily suspended trading of XRP due to the high uncertainty in the lawsuit and the unfavorable sentiment surrounding the currency. If Ripple emerges victorious in the lawsuit, it will be a huge blow to the US Securities and Exchange Commission and a huge victory for the cryptocurrency industry.
XRP emerged after a 7% rally in response to the latest court-debut coin development.