Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
XRP, the digital currency that is central to the SEC onslaught, has caught on a new fire fueled by the latest victory Ripple inked.
Judge Sarah Netburn, a United States Magistrate Judge has handed blockchain payments firm Ripple Labs yet another victory over the US Securities and Exchange Commission (SEC). As reported by Coindesk, Judge Netburn has denied the market regulator’s request to look into the personal financial records of the company’s two executives indicted in its ongoing court duel with the firm.
The verdict is the second victory Ripple has landed over the SEC since the duo started appearing in court per claims that the former sold XRP digital currency as a security to investors. The first victory came when Judge Netburn granted the company unrestricted access to documents regarding Bitcoin (BTC) and Ethereum (ETH) to discover why they were classified as digital currencies but XRP was not.
Per the latest verdict, Judge Netburn wrote:
“The SEC shall withdraw its requests for production seeking the individual defendants’ personal financial records and withdraw its third-party subpoenas seeking the same.”
However, the SEC may reapply to gain access to these records if it uncovers new evidence that suggests CEO Brad Garlinghouse and Co-founder Chris Larsen lied about their XRP transaction records over the years.
The Ripple-SEC legal battle has been a major setback for the company in the United States as evident in the squashed business partnership between the firm and its ally, American money transfer company, Moneygram International Inc (NASDAQ: MGI). Both companies parted ways back in March after initially placing the relationship on hold.
XRP Pumping as Latest Verdict in the Case between SEC and Ripple Excites Investors
XRP, the digital currency that is central to the SEC onslaught, has caught on a new fire fueled by the latest victory Ripple inked. The coin has surged by over 64.56% in the past week, and by more than 23.70% in the last 24 hours to be exchanging hands at $1.70 according to data from CoinMarketCap.
The current price XRP is trading is arguably the highest price level the coin has witnessed in the past year. This bullish trend comes after major cryptocurrency exchanges delisted the digital currency in the wake of the SEC lawsuit, however, its ongoing bullish surge is a testament to the cryptocurrency’s investors’ resilience in backing the coin in its most challenging times.
Unlike the top three cryptocurrencies which XRP is trailing behind, the coin is still trading at 55.55% below its All-Time High (ATH) price of $3.84. This price level represents a major hurdle that XRP bulls may be willing to overcome as the anticipation for better days lies ahead.