The price of XRP cryptocurrency reached 31% on the last day. The case is still pending, but Ripple had a successful performance during the previous two hearings.
The United States Securities and Exchange Commission (SEC) found new difficulties in its lawsuit against Ripple Labs Inc., the cryptocurrency Ripple creator (XRP).
In a new episode of the case, Judge Sarah Netburn rejected the SEC’s request to make the founders of Ripple Labs Inc., Brad Garlinghouse and Chris Larsen, show their financial data for the last eight years.
This request is happening under the presumption that the executives violated section 5 of the Securities Act, legislation on which the SEC sets its functions, after not having correctly registered the public offering of an asset on time.
A court document shows how the SEC argues that the money resulting from the sale of XRP after its investment round would affect the bank deposits of Garlinghouse, Larsen, and their relatives.
Bank Deposits Must not Show their Origins
However, the Court dissolved this argument stating that a bank deposit should not show its origin. It is unclear whether it comes from an XRP, BTC, or any other cryptocurrency operation.
Even after reviewing executives’ transactions at an exchange such as Coinbase, it would not be easy to compare a bank deposit with a transaction in a cryptocurrency wallet.
The Court also stated that there is no need to disclose the defendants’ personal information when the SEC argues that they amassed a fortune of $ 500 million due to the sale of their positions in XRP. For the Court, this figure is too huge to ignore.
This setback for the SEC is the second it receives during April in this case. Ripple managed to get the Court to order the SEC to reveal internal documents about Bitcoin and Ethereum back on April 6 to know the treatment that this entity brings to these cryptocurrencies’ unilateral criterion.
XRP Reached a Price Never Seen Before
At the moment these resolutions in favor of Ripple came out, XRP exceeded the psychological barrier of 1 USD during the past week, a value that it had not reached for three years. According to analysts, if the case continues to shape in Ripple’sRipple’s favor, the cryptocurrency XRP could reach all-time highs in a short time.
The coin is currently trading at $ 1.81, according to CoinMarketCap, after approaching more than 100% in value over the past week. In previous months and due to the demand, XRP had lost 4th place in market capitalization. Polkadot and Cardano (ADA) led the path but has now regained fourth place, being only behind Binance Coin (BNB), Ethereum (ETH), and Bitcoin (BTC).
Also, there has been no news about a class-action lawsuit filed by minority investors against Ripple, which came to admission by a federal judge in mid-March. Due to the legal problem, Ripple, Brad Garlinghouse, stated that this entity could keep carrying out its operations without this cryptocurrency, offering services with roots on blockchain other companies and financial entities.
By: Jenson Nuñez
