The XRP price soared by over 20% after Judge Analisa Torres of the Ripple and SEC case turned down the SEC’s proposal to withhold the popular Hinman documents. The bulls briefly saw $0.5 in XRP price. Now, enormous levels such as $ 20 are being discussed.
Latest developments from the SEC and Ripple case
The Ripple and SEC lawsuit has seen several developments in the last 20 months that have gone in many Ripple’s favor. Ripple Labs recorded another victory over the SEC on Thursday, as US District Court Judge Analisa Torres ruled against publishing documents written by the former director of the SEC. The SEC is currently fighting against the acceptance of these documents as evidence. Ripple claims that the documentation is fundamental in its case.
The documents, known as the Hinman documents, relate to a speech given by William Hinman, a former director in the Commission’s Finance division, at Yahoo’s Financial Markets Summit in 2018. At the peak, Hinman said, consider Ethereum (ETH) a security, which is Ripple Labs’ defense by accusing the Commission of targeting the company.
Judge Torres rejected the SEC’s motion after U.S. District Judge Sarah Netburn’s ruling in July that documents were not protected by attorney-client privilege and negotiation process privilege. The court’s decision to release the documents turns the case in Ripple’s favour, alleging that XRP is not a security.
The commission filed a lawsuit against Ripple Labs and two executives for raising $1.3 billion by offering securities to the public in December 2020. With summary judgment applications already filed, the end of a lawsuit that has captivated the entire cryptocurrency industry is in sight.
XRP goes for a run
XRP has shown positive signs of a bull run amid reports that the long-running legal battle with the SEC has entered its final action. The price of the sixth largest cryptocurrency rose 20% to $0.503 after the court decision. With the second decision in Ripple’s favor in September, the bulls want to make $1 a new benchmark for XRP and ultimately eclipse the $20 milestone.
To end the whole day with fun, Bart Simpsons, a character in The Simpsons, spent the internet smashing with the price of XRP estimated at $539 at the end of the year. Many used this joke to justify the bull run. The Simpsons became famous for predicting significant world events in episodes before they actually happened.
