XRP price has reclaimed a crucial level after a tremendous 50% drop after Ripple vs SEC lawsuit has taken a new turn
XRP price crossed $1 after the price increased 14% in the past 24 hours. The growth comes just days after Ripple managed to prevent the SEC from accessing documents related to the legal advice the company received about XRP.
— James K. Filan (@FilanLaw) May 30, 2021
XRP price is the only cryptocurrency in the top 50 that witnesses double-digit gains today
XRP price has passed $1 after increasing by 12% during the last 24 hours. The move-up is part of a wider increase for the cryptocurrency, which has risen by 26% during the last seven days.
XRP/USD 4-hour chart | Source: TradingView
The % price increase today comes to the fore following a legal victory for Ripple in its ongoing court battle with the US Securities and Exchange Commission. Ripple has successfully blocked the SEC from accessing certain regulatory filings — detailed legal documentation the company sought or received about XRP’s security status.
Ripple has been embroiled in a court case with the SEC ever since the regulatory body sued the firm in December of last year, claiming that Ripple sold $1.3 billion worth of XRP in ongoing unregistered securities offerings. Ripple has consistently denied the SEC’s allegations, and in recent weeks has scored a number of victories in court against the regulator.
In April, Ripple succeeded in a motion of discovery that forced the SEC to disclose documents regarding their insider thinking about cryptocurrencies like Bitcoin. A few days later, Ripple scored another victory, when the court ruled that Ripple did not have to hand over financial records belonging to CEO Brad Garlinghouse.
Soon after, Ripple moved to have the SEC’s lawsuit completely dismissed; A few days later, members of the XRP community filed a petition arguing that the regulator did not represent their interests. On May 7, the SEC asked Judge Netburn to order Ripple to file legal advice on whether its XRP sale complied with federal securities laws. The SEC thinks this information will aid their ongoing legal battle with the company.
However, the SEC’s plan failed. In the midst of the SEC’s ongoing battle with Ripple, the price of XRP has seen multiple highs and lows since December.
US Magistrate Judge Sarah Netburn said on May 30 stated:
“Ripple assets that the SEC’s requested communications are protected by attorney-client privilege, which has not been waived.”
When news of the SEC case against Ripple first dropped, XRP plummeted from above $0.50 to as low as $0.21 in late 2020. Since then, it has proven demonstrated some signs of recovery, rallying back to around $0.55 in April of this year. XRP subsequently rose to a price of $1.84 on April 15, signaling a new period of intense volatility for the cryptocurrency. Just 11 days later, XRP fell back to $1, fluctuating between $1 and $2 amid hopes of a Ripple IPO.
Last week, XRP went back under $1 at around $0.80, but Ripple’s latest win over the SEC has managed to push the cryptocurrency back above the $1 barrier.
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