XRP Shoots up 7% as Latest Ruling Favored Ripple Over SEC: Details
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Both the Ripple and XRP community are elated at the moment, following the latest victory scored by the blockchain payments firm over the United States Securities and Exchange Commission (SEC). The latest win has helped in shooting the price of XRP to a new daily high as the cryptocurrency is up 7% to a spot price of $0.4485.
XRP and core growth trigger
The growth in the price of XRP as observed has been quite distinct, especially given the fact that the crypto ecosystem is currently seeing an encompassing price slump at this time. The general bearish slump has even made the XRP bounce more obvious, as it is the only digital currency in the top 10 of the most valuable coins with significant 4.5% growth in the week-to-date period.
The key trigger for this growth is the latest ruling from Judge Torres, in which she ordered that the Hinman Emails be made available to the public. The emails have been the bone of contention in the case for such a long time as the regulator initially refused to grant access to the documents.
The ruling has generated a lot of interest in the XRP community, with Ripple Labs CEO Brad Garlinghouse marking the ruling a move toward transparency.
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
Good omen for Ripple?
The win for Ripple is being massively celebrated by the community as it stands as yet another sign that the projections of victory for the company by top legal experts appears to be true.
Tomiwabold OlajideThe focus of the case remains XRP's security status, not the public release of the Hinman emails. While this current win sounds great, it may not necessarily impact the much-anticipated summary judgment. By all permutations, Ripple is still being tipped as the favorite to win the case, a move that, if true, would surely benefit XRP a great deal.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin