XRP price briefly increased by 10% after hints of the conclusion of Ripple legal tussle with SEC

Ripple Labs scored a victory in its continuing legal battle with the United States Securities and Exchange Commission (SEC) on Sept. 29 as U.S. District Court Judge Analisa Torres ruled to release the documents written by former SEC Corporation Finance Division Director William Hinman. The documents predominantly relate to a speech Hinman delivered at the Yahoo Finance All Markets Summit in June 2018.

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Ripple Scores Decisive Win in SEC Lawsuit

Hinman stated in his speech that Ether (ETH) was not a security. Ripple Labs considers the speech a key piece of evidence for the case the SEC has brought against it, alleging that sales of Ripple’s XRP violated U.S. securities laws — though time has yet to tell whether the language used in the speech will be as meaningful as the company suggests. The circumstances surrounding the speech and Hinman’s actions leading up to it are a source of considerable confusion.

Judge Torres’ decision overruled SEC objections to releasing the documents following District Court Judge Sarah Netburn’s order declaring that the emails and drafts of the speech were not protected by deliberative process privilege, as the SEC has claimed. The SEC then claimed attorney-client privilege over the documents, which Netburn overruled in July. Judge Torres’ ruling overruled the SEC’s objections to that decision.

Following the news, XRP’s price rose 10% and is trading at $0.49 at the time of writing. It is still down 85% from its all-time high of $3.40. The SEC lawsuit has been blamed for the coin tanking.

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