The price of XRP took a leap with a “last-minute” development in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple. It turns out that the SEC lost its privilege claims over the Hinman documents in the Ripple lawsuit. Upon this news, XRP suddenly increased by 20 percent. Here are the details…
Ripple case development pushes XRP price higher
Ripple has made a big profit in a recent court decision. Judge Torres ordered the SEC to turn over the emails of former employee William Hinman. According to an update shared by former federal prosecutor and attorney James K. Filan, “Judge Torres thus overruled the SEC appeals.” Therefore, it orders the SEC to hand over the Hinman documents.
The judge ruled that the Hinman documents were not protected by the negotiation process privilege, as the SEC claimed. Therefore, the SEC rejected their objections to the release of the documents. cryptocoin.com As we reported, the SEC requested attorney-client privilege over documents rejected by Netburn in July. Judge Torres’ decision overturned the SEC’s objections to that decision.
This caused a huge daily candle to form in the XRP price. Currently ranked 6th with a market cap of $24.6 billion, XRP rose from daily lows of $0.40 to as high as $0.50. At the time of writing, it is changing hands at $0.491, up 20 percent. You can see the massive change of the cryptocurrency on a daily basis in the chart below:
What did the Hinman documents cover?
Former SEC official William Hinman stated in his 2018 speech that Ethereum (ETH) is not a security. According to Ripple, the Hinman documents were needed to prove that Ripple did nothing wrong. The company wanted to reveal that the SEC is targeting emerging and winning platforms in the crypto space. James K. Filan explained what would happen after the big win in a series of tweets. According to the attorney, “The SEC has a number of procedural cards that will delay compliance with the current order on the Hinman documents.”
First, the SEC can request that Judge Torres reconsider the decision that overrides the SEC appeal. Second, the SEC can bypass the reconsideration request. He can directly ask Judge Torres to uphold his appeal against the decision. Third, the SEC can go directly to the appeals court with a petition for a supreme court writ. With all this, Filan estimates the odds of success are low. He also explains that these developments did not affect anything about the “summary decision”.
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