XRP Surges 20% in Less Than a Day As SEC Lawsuit Takes Turn
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XRP is surging in price as the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs reaches a crucial turning point.
Over the last 24 hours, XRP has surged 21.87% from $0.64 to $0.78, XRP’s price at the time of writing.
Investors have put buying pressure back onto XRP after a major decision from Judge Analisa Torres, the presiding magistrate over the SEC vs. Ripple case.
The SEC filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.
Yesterday, Judge Torres ordered the unsealing of three important documents: 172-1, the notice of Ripple Labs CEO Brad Garlinghouse’s deposition in the SEC formal investigation, 179-4, an e-mail string from Ripple co-founder Chris Larsen, and 179-5, a Brad Garlinghouse email.
John Deaton, an attorney representing XRP holders in the lawsuit, says of the ruling,
“What these rulings clearly show is that Judge Torres favors public disclosure. Ripple can’t seal certain documents (i.e., legal Memo). The same applies to the SEC.”
In a new YouTube update, legal expert and Ripple supporter Jeremy Hogan says of Judge Torres’ decision,
“Our final takeaway from the judge’s order is this: I think we are going to get a ruling on these three dispositive motions very soon. And by that, I mean, within a month possibly.
In fact, Judge Torres may have already decided and written her orders on two of the three dispositive motions and just needs to figure out what exhibits can be shown or referenced in her order when they are published.
This is definitely a housekeeping order and these usually happen when a judge is ready to invite people over to their home and look at something.
So, there is one last brief due on February 9 from Ripple, and then, hold on to your hats, we could get that long-awaited and key ruling on whether the fair notice defense survives any day now.”
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