XRP Surges 7% in Response to the Latest Court Development By CoinEdition

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XRP Surges 7% in Response to the Latest Court Development

Published May 17, 2023 03:54AM ET Updated May 17, 2023 04:00AM ET

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XRP Surges 7% in Response to the Latest Court Development

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Ripple XRP surged by 7% following the latest court judgment.
Judge Torres denied SEC’s motion to seal documents related to Hinman.
The XRP community is anticipating a favorable outcome for the prolonged case.

The price of XRP has surged by 7% following the latest developments. In one of the latest updates, Judge Torres has denied the SEC’s motion to seal the Hinman documents. The Hinman documents remained a crucial piece of evidence, including the 2018 speech by former SEC chair William Hinman.

The news was welcomed with open arms, as the price of XRP witnessed a positive surge. According to CoinMarketCap data, XRP surged by over 7% in the last 24 hours after the favorable news. XRP is trading at $0.4531, rising from the 24-hour low of $0.4202. The latest spike in value comes after almost seven weeks of neutral movements.

Ripple CEO Brad Garlinghouse took to Twitter to share the news. Garlinghouse stated that the unredacted Hinman emails will be publicly available soon. He asked the community to stay tuned as the lawyers worked to make it happen.

Another win for transparency! Unredacted Hinman emails to be publicly available soon – stay tuned as the lawyers work through the mechanics to make that happen. https://t.co/o6puPypRHd https://t.co/qmaLVeQaP8
— Brad Garlinghouse (@bgarlinghouse) May 16, 2023

The SEC recently increased its scrutiny of the cryptocurrency realm. This has also pushed some of the industry giants, including Coinbase (NASDAQ:COIN), to demand a clear regulatory framework.

Ripple Labs Inc., the firm that created the cryptocurrency XRP, together with its co-founders Chris Larsen and Brad Garlinghouse, were sued by the SEC in December 2020. The SEC claimed that Ripple sold XRP tokens to investors in a $1.3 billion unregistered securities offering.

According to the SEC, Ripple ought to have registered its token sales with the commission, and XRP should be categorized as a security. On the other side, Ripple vigorously refuted the accusations.

A number of cryptocurrency exchanges delisted or temporarily suspended trading of XRP as a result of the lawsuit’s major uncertainty and unfavorable sentiment surrounding the coin. If Ripple comes out victorious in the lawsuit, it will be a major blow to the SEC and a major win for the crypto industry.

The post XRP Surges 7% in Response to the Latest Court Development appeared first on Coin Edition.

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