Ripple Scores a Minor win Versus SEC, XRPUSD Rallies Levels
Ripple, the blockchain payments company, now has the upper hand against the SEC after the agency agreed to redact two email exchanges. It follows an order from a New York judge on Mar 31 granting Ripple the motion to seal four documents subject to their agreement with the U.S. regulator. After their meeting on Apr 1, however, the regulator allowed Ripple to seal two documents. The first is an email exchange between Brad Garlinghouse and an anonymous person on Ripple works. The other pertains to unnamed parties' discussion of the role of XRP and Ripple's control.
In a bombshell lawsuit on Dec 22, the SEC hit Ripple—and two other members, including Bradley Garlinghouse and Chris Larsen, with a case alleging their selling of unregistered securities, illegally raising $1.9 billion. The XRP prices tanked to $0.17, significantly affecting its market cap, liquidity, and relationship with partners. However, Ripple—boasting of small wins against the SEC and hints of winning the case, the XRP price has since recovered. At spot levels, just over $0.67, Ripple is trading at above pre-SEC lawsuit valuations despite some exchanges suspending the trading of XRP on their ramps.
Impact on the XRP Price:
Bullish. The XRP price remains on an uptrend and could edge even higher. Triggers would be the payments company winning the case—or even hints of them having the upper hand. In that eventuality, the Ripple price may race towards $0.80 and even $1 as clarity is provided.
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