The legal battle between the Security and Exchange Commission (SEC) and Ripple appears to take another turn towards favoring Ripple, based on the new development around the case. This development has also resulted in a 12% surge in XRP price.
Increased XRP Price
The emergence of Hinman’s speech has taken the lengthy Ripple Vs SEC case in a new direction. Earlier, the court ordered the regulator to present the document. However, the regulator argued that the content of the papers, which they added is private, is not related to the claims by Ripple.
They further argued that regardless of the relevancy of the document to the defendants’ claims, they are protected by the office of the Director of Public Prosecutions as well as the attorney-client privilege.
However, Attorney James K. Filan disclosed the court’s decision to overrule SEC’s objections through a tweet on the 29th of September. He stated that the regulatory agency must comply with the orders, according to Judge Analisa Torres. He added that the court’s decision would compel the regulatory body to present the requested documents.
Consequently, Ripple’s native coin, XRP, has responded positively to the recent developments. The ruling has caused the token to surge, emerging as the top gainer while growing by 12% in the last 24 hours.
Similarly, in the past 30 days, the token price has increased by 50%. The 24-hour traded volume also hit $4.29B, a 91% surge. Again, the coin returns to its $24B total market capitalization.
SEC’s View On The Order
Judge Sarah Netburn earlier ordered the revelation of the 2018 speech made by the former director of one of their units. However, while filing their objection, the SEC stated that Ripple’s representatives misstated their assertions concerning the papers.
They further argued that the Judge made a mistake by deciding that the private documents of the commission have a relationship with the claims by the digital asset firm. Their discovery that the Director of Public Prosecutions (DPP) won’t shield the documents added salt to their injury.
Further, the commission still insisted that the attorney-client privilege ought to have protected them against the order of presenting the papers. The court, however, stood by the decision of Judge Sarah Netburn. The court also added that her ruling is valid and following the law.
Meanwhile, the commission had no choice but to present the documents since their objection to the court’s order was overruled, which might turn the case in Ripple’s favor.