The price of XRP, the sixth largest cryptocurrency by market capitalization, has increased by 9% in the last 24 hours to reach $1.19.
The XRP surge comes after several strong maneuvers by Ripple this week in the tenth month of the courtroom battle against the US Securities and Exchange Commission.
As it is known, since December 21, 2020, Ripple has been in a tough legal battle with the SEC. The SEC claims that Ripple made $1.38 billion by selling XRP as an unregistered security. Ripple denies that these sales constitute a sale of securities.
On Thursday, Ripple sent a letter to US Magistrate Netburn urging the SEC to service for negligence in handling the case after it received virtually no response to its 30,000 Requests for Admission (RFA) it has filed with the SEC since the case began.
RFAs are part of the discovery process in civil cases. In their simplest form, they are “yes or no” questions that aim to move the case forward faster by resolving uncertainties in the case. In an RFA, one party asks the other party to agree that something is true.
The SEC described RFAs as “villainous, unreasonable and oppressive” and claimed it was overwhelmed by the sheer number of them, citing that it took more than 100 hours to respond to approximately 254 RFAs. The SEC says it needs about 24 minutes per RFA to give the correct answer because those answers can be used against you in court.
Ripple also said in a letter to the judge on Thursday that the $1.38 billion the SEC is seeking stems from contracts that the SEC has not fully reviewed.
Ripple played another strong hand against the SEC this week. At the center of this new discussion is a 2018 speech by Bill Hinman, former director of the SEC’s Corporate Finance Division. Bill Hinman said in his speech that Ethereum is not a security. The SEC claims that this is Hinman’s personal opinion, but in Ripple’s defense it stated that there are correspondences that could prove it was the SEC’s policy.
On Friday, judge Sarah Netburn ruled in favor of Ripple and will include the chain of emails containing this correspondence in her review. It is unknown when the result will be determined.
This latest price performance of XRP shows the growing confidence that Ripple has weathered the legal storm this week.
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.