The XRP price is enjoying a significant rise as the US Securities and Exchange Commission (SEC) lawsuit against Ripple Labs reaches a crucial milestone.
Today, XRP is up 21.87 percent from $0.64 to $0.78. The rise of XRP did not end there, the altcoin has surged over 18% in the last 24 hours at the time of writing, reaching as high as $ 0.79.
Investors re-entered the XRP market after an important decision by Judge Analisa Torres, who presided over the SEC and Ripple case, resulting in a buying pressure on the altcoin.
In December 2020, the SEC filed a lawsuit against the company alleging that it sold XRP as a security at the time of Ripple’s launch. The regulator also claims that the token is still a security even today.
Yesterday, Judge Torres ordered the unsealing of three important documents: 172-1notice of Ripple Labs CEO Brad Garlinghouse’s testimony in the SEC official investigation, 179-4a series of emails from Chris Larsen, co-founder of Ripple, and 179-5an email from Brad Garlinghouse.
Judge Torres will open an email by Larsen finding the reasons for Ripple’s “unfair” sealing of the legal notes, but will redact three documents to Garlinghouse to protect “potentially sensitive information” and require some documents filed by both parties to be made public. will provide. In this way, certain documents of both parties will be taken into consideration. Finally, Torres will also provide Ripple with an opportunity to respond to the SEC’s recent move to block fair notice defenses.
John Deaton, an attorney representing XRP investors in the case, has this to say about the decision:
“What these decisions clearly show is that Judge Torres is in favor of public disclosure. Ripple cannot seal certain documents (i.e. legal internal correspondence). And the same goes for the SEC.”
In a new YouTube update, legal expert and Ripple supporter Jeremy Hogan had this to say about Judge Torres’ decision:
“The final conclusion we draw from the judge’s order is this: I think we will have a formal decision on these three negative motions very soon, possibly within a month.
In fact, Judge Torres may have already decided on two of the three amendments and wrote the court orders. And all he has to do now is decide what evidence can be cited or cited when they are published.
This is definitely a housekeeping (administrative, logistical, or petty procedural rules, or proceedings to tidy up or keep matters in order), and these are usually given when a judge has decided something and is ready to take action on it.
So, on February 9, Ripple has one final “brief,” and then, “keep calm,” we can take the long-awaited critical decision as to whether the fair notice defense will survive another day from today.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.