XRP Price Increases As Court Rules Against SEC Objection

Attorney James Filan informed the SEC that Judge Analisa Torres had overturned the SEC's objection to the court orders. As a result, the XRP price has increased by more than 13% in the last 24 hours.

30-Sep-2022 By: Divya Behl

Ripple's native token, XRP has emerged as the day's biggest gainer. Over the last 24 hours, XRP prices have increased by a stunning 13%. However, the recent court judgment against the SEC in the Ripple lawsuit justifies this sudden increase.

Court Ruling Pumping XRP Price

Attorney James Filan informed the SEC that Judge Analisa Torres had overturned the SEC's objection to the court orders. Furthermore, the Judge has directed the commission to comply with the orders. This directly implies that the SEC has to turn over the crucial Hinman speech-related documents.

This significant court judgment immediately increased the XPR price. The price of XRP is already skyrocketing because of recent court rulings. However, this is a significant setback for the SEC in the Ripple lawsuit.

In the last 30 days, the XRP price has increased by roughly 50%. At the time of writing, XRP was trading at an average price of $0.489. Its 24-hour trading volume has increased by 9% to $4.19 billion. The overall market cap of XRP has returned to $24 billion.

How this will affect the lawsuit?

Earlier, the SEC stated in its response to the court order that the defendants distorted the commission's past claims regarding the documents.

The commission said that Judge Netburn erred in concluding that the internal speech document was relevant to any claim in the case. While it was dissatisfied with the conclusions that the DPP failed to safeguard the speech memos.

However, the SEC refused to accept that attorney-client privilege does not cover speech notes. Meanwhile, the court upholds Judge Netburn's inferred finding about the internal documents. It is neither erroneous nor illegal.

COINGABBAR VIEWS: As per current market circumstances, XRP is gaining popularity within the cryptocurrency community. Based on our analysis, as of September 29, 2022, XRP's three-month social activity reached 1.95 billion social interactions from 9,424 social contributors. At the same time, the cryptocurrency community remains bullish about the asset's future.

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