XRP is on a bull run yet again, with a significant increment in its price. The price of the crypto asset has reached over $1.40. Talking about the legalities of the court proceedings of Ripple, it has been going absolutely their way as the market’s chatter about a possible settlement by the Securities and Exchange Commission of the United States increases.
XRP and the Ripple case
The Securities and Exchange Commission of the United States filed a lawsuit against Ripple and its two executives Chris Larsen and Brad Garlinghouse, back in December 2020, alleging that the company and its executives had made millions by illegally selling and trading unregistered security on their platform. As soon as this news hit the markets, the price of XRP went down rapidly, many large crypto-asset exchanges delisted XRP, and a lot of investors lost faith in the crypto asset.
Stephen Pally, a lawyer, reported that Chris Larsen and Brad Garlinghouse secured a victory yesterday, as Sarah Netburn, the Magistrate Judge, ruled against the request of the US Securities and Exchange Commission for Ripple to provide eight years’ worth of financial records and other subpoenas for various third parties to provide the same information as discovery, and deemed it as too broad and unnecessary.
The lawyer stated that the judge’s decision might be considered an early win for Ripple and its executives, but he is still not sure if this is all it will take to put an end to this case once and for all. He said that securing a win on a motion for a protective order, asking for discovery data is not usually interpreted as a victory for any side. It all depends on the merits of the entire case mostly. The judge has also allowed the possibility of bringing up some of these requests later if the Securities and Exchange Commission provides any credible reasons to go through these files.
XRP has proven to be beneficial for the people who took a leap of faith and held on to their XRP tokens. The crypto token is being traded at $1.32, giving out 29% profits in just the past day while capping the weekly gains to a massive 113%.