Main navigation

XRP Shoots up 7% as Latest Ruling Favored Ripple Over SEC: Details

Wed, 05/17/2023 - 08:25
article image
Godfrey Benjamin
XRP leading altcoin momentum today as Ripple scored big win over SEC
XRP Shoots up 7% as Latest Ruling Favored Ripple Over SEC: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

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.

Ripple Ally v. SEC Takes New Turn as Commission Withdraws Request for Disgorgement

The 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.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.