XRP Price Soars 12% as Court Rejects SEC’s Objection

09/30/2022By: L, Laura

Ripple (XRP) has emerged as the biggest winner of the day. XRP price has spiked 12% in the last 24 hours. However, this sudden spike is backed by the recent court order against the SEC in the Ripple lawsuit.

 

XRP Price Pumped by Court Order

Attorney James Filan informed that Judge Analisa Torres has overruled the SEC’s objection over the court orders. In addition, the Judge has asked the commission to comply with the orders. This directly means that now the SEC has to turn over the vital Hinman speech related documents.

 

This big decision by the court has directly pumped the XPR price in a positive way. XRP price are already riding high over recent impacting orders by the court. However, this is a big blow for the SEC in the Ripple lawsuit.

 

XRP prices are now up by around 50% in the last 30 days. XRP is trading at an average price of $0.489, at the press time. Its 24 hour trading volume is up by 91% to stand at $4.19 billion. XRP’s total market cap has regained the $24 billion level.

 

How Will This Affect the Ripple Lawsuit?

Earlier, the SEC in its reply to object to the court order mentioned that the defendants have misrepresented the commission’s prior claims over the documents.

 

The commission argued that Judge Netburn erred in determining that the internal speech document is relevant to any claim in the case. While it was not happy with the findings that DPP does not protect the speech memos.

 

However, the SEC also did not recognize that attorney client privilege does not protect speech memos. At the same time, the court found that Judge Netburn’s conclusion regarding the internal documents. It did not err or violate the law.

 

Judge Netburn mentioned in an order that its purpose of discovery is an extremely broad concept.