Back when Ripple was slapped with a lawsuit by the Securities and Exchange Commission [SEC] several platforms swiftly dropped support for XRP. Since the asset was touted as a security by the SEC, crypto firms did not want to get into trouble with the regulator. However, things have been taking a different turn. The case seemed to be going in favor of Ripple and it was certainly reflected in the price of XRP.
According to a recent filing, Judge Analisa Torres has urged the SEC to present documents of former SEC Director William Hinman’s 2018 speech. These documents will bring details surrounding Hinman’s speech that was made at the Yahoo Finance All Markets Summit in June 2018 to light.
Ethereum, according to the former SEC Director Hinman, is not a security. Though it’s too soon to know if the terminology used in the speech will have the same impact as the firm claims, Ripple Labs views it as a vital piece of evidence in the case. There is a great deal of ambiguity regarding the speech’s context and Hinman’s activities.
Judge Sarah Netburn of the District Court decided that the emails and speech drafts were not shielded by the constitutional process privilege, as the SEC argued, and Judge Torres’ judgment rejected the SEC’s objections to the materials’ release. The materials were subsequently subject to the SEC’s assertion of attorney-client privilege, which was rejected by Netburn in July.
Furthermore, the SEC’s objections against this decision were outrightly dismissed by Judge Torres.
Amidst this, the price of XRP was soaring without a stop.
XRP bags over 11 percent gains in the last 24 hours
The entire crypto market sought some respite after its recent carnage. However, most assets were seen pocketing dainty gains. XRP, on the other hand, emerged as the star of the show. The altcoin was leading the short-term rally.
At press time, XRP was trading for $0.4872 with an 11.10 percent daily rise.
It should be noted that XRP managed to surge to a high of $0.503 from a low of $0.428, earlier today. The latest rally could be instigated by Ripple attaining leverage in the case.