As the crash of the Terra ecosystem plunged the entire crypto market into a red sea, the price of Ripple’s XRP plummeted by a magnitude of 27%. However, the latest developments of the SEC vs. Ripple case proceedings have served to help the XRP to recover lost ground.
Ripple Responds to Hinman’s Claims
The seemingly endless lawsuit between fintech firm Ripple and the Securities and Exchange Commission continues to take twists and turns.
In the latest round of proceedings, the Ripple defense team responded to the protected emails of former SEC director of the Division of Corporation Finance, William Hinman.
Ripple claimed that the “The record, in this case, demonstrates that Mr. Hinman delivered his speech in his personal capacity”.
According to Ripple, the SEC refused to produce to either the court or defendant, citing deliberative process privilege [DPP] and attorney-client privilege.
XRP Rallies in Response
The response filed by Ripple’s lawyers fueled bullish sentiment among investors, helping the Altcoin, XRP, get back on track to stage a recovery.
The XRP price chart since May 13th. Source: CoinMarketCap
XRP rallied as much as 18%, recovering from the low of $0.3827, recorded on May 13th, to peak at $0.4623. At the time of writing, XRP is trading at $0.4167, having fumbled 1% in the last 24 hours.
On the Flipside
- According to Judge Torres, the Ripple case could come to an end before Christmas.
Why You Should Care
In 2018, Hinman stated that Ethereum was not a security. Should the Judge rule that XRP isn’t a security based on Hinman’s record of the leading Altcoin, Ripple would score its biggest win yet.