XRP Price Surges By 11% As Court Overrules SEC's Objections

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Brad Garlinghouse; Photo Source: CNBC

XRP saw an uptrend in its pricing after a federal judge overruled the SEC in its ongoing case against Ripple Labs.

The news came a few weeks after Ripple filed for an early motion for summary judgment with the SEC.

The latest court ruling was made by Judge Analisa Torres in Ripple's favor. It was about the documents concerning a speech made by William Hinman in 2018. In his speech, William Hinman claimed that Ethereum trades do not fall under the category of security transactions. 

In his words,

“Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.”

Ripple Labs aims to capitalize on Hinman’s statement. According to Ripple, the agency’s securities-related rules should not apply to XRP if it does not consider Ethereum as a security.

Earlier, Magistrate judge Sarah Netburn ruled the SEC in its attempts to conceal the documents requested by Ripple Labs.

In response, the SEC argued that the requested documents fall under Deliberative Process Privilege (DPP). The DPP is a principle that prevents disclosure of internal processes of a government agency, like the SEC. 

However, Judge Analisa Torres overruled the SEC and asked the agency to release the documents sought by Ripple.

As a result, the regulatory agency is required to produce documents and emails related to Hinman’s speech. XRP’s price also surged by 11.4% and crossed the $0.50 threshold following the announcement. As of writing this article, the token is priced at $0.496.

Written by
Ayush Pande

XRP saw an uptrend in its pricing after a federal judge overruled the SEC in its ongoing case against Ripple Labs.

The news came a few weeks after Ripple filed for an early motion for summary judgment with the SEC.

The latest court ruling was made by Judge Analisa Torres in Ripple's favor. It was about the documents concerning a speech made by William Hinman in 2018. In his speech, William Hinman claimed that Ethereum trades do not fall under the category of security transactions. 

In his words,

“Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.”

Ripple Labs aims to capitalize on Hinman’s statement. According to Ripple, the agency’s securities-related rules should not apply to XRP if it does not consider Ethereum as a security.

Earlier, Magistrate judge Sarah Netburn ruled the SEC in its attempts to conceal the documents requested by Ripple Labs.

In response, the SEC argued that the requested documents fall under Deliberative Process Privilege (DPP). The DPP is a principle that prevents disclosure of internal processes of a government agency, like the SEC. 

However, Judge Analisa Torres overruled the SEC and asked the agency to release the documents sought by Ripple.

As a result, the regulatory agency is required to produce documents and emails related to Hinman’s speech. XRP’s price also surged by 11.4% and crossed the $0.50 threshold following the announcement. As of writing this article, the token is priced at $0.496.

Written by
Ayush Pande