Last month, XRP prices have increased by close to 50%.
Judge Netburn noted the exceedingly general nature of discovery’s goals.
XRP, Ripple’s native cryptocurrency, has seen the most daily rise. In only 24 hours, XRP’s value has increased by a stunning 12 percent. Nonetheless, the recent court judgement against the SEC in the Ripple action supports this unexpected increase.
The SEC’s opposition to the court orders was overturned, as reported by attorney James Filan. And the judge has instructed the commission to follow its directives. This implies the SEC must now provide all relevant papers pertaining to the Hinman speech.
Ripple Vs SEC
The court’s monumental ruling has had a salutary effect on the value of XRP. There has been a significant uptick in XRP pricing due to important court rulings. But this is a major setback for the SEC in its case against Ripple.
Last month, XRP prices have increased by close to 50%. At the time of writing, XRP’s average price on exchanges was $0.489, down from its recent high of $0.50. The total amount of money traded in a day has increased by 91% to $4.19 billion. The overall market capitalization of XRP tokens has climbed again beyond the $24 billion mark.
The SEC had already claimed that the defendants had misrepresented the SEC’s past claims over the papers in its objection to the court order. While the conclusions that DPP does not safeguard the speech memos were not welcomed, they had to be accepted.
However, the SEC did not buy the argument that speech memoranda are not shielded by the attorney-client privilege. In the meanwhile, the court agrees with Judge Netburn’s finding, which was based on the internal records. It abides by all laws and is not false. In the decision, Judge Netburn noted the exceedingly general nature of the discovery’s goals.