XRP marched from 60 cents to 90 cents in just five days, reaching the #6 rank with a market capitalisation swelling to more than US$42.26 billion amid developments in the ongoing Ripple vs SEC case.
Ripple Moves to #4
If you ignore stablecoins Tether and USD Coin, Ripple is now the world’s fourth-biggest cryptocurrency behind Bitcoin, Ethereum and Binance Coin.
For those who don’t know what all the beef is about, Ripple has been dragged into court after the US Securities and Exchange Commission (SEC) filed a suit in December 2020. Ripple stands accused of selling US$1.3 billion in XRP in unregistered offerings between 2013 and 2020.
The SEC alleges that the token is a security and therefore Ripple has broken the rules. It seems, however, that the SEC has broken quite a few rules of its own, having been accused of “deleting” material relevant to Ripple’s lawsuit.
The latest news in the case against Ripple has been bullish for the price of XRP as things look up for the defendants in the court of law.
Key Evidence Unsealed to Favour Ripple
As the case unfolds, sealed documents submitted by Team Ripple are set to be made public by February 17. The SEC argues that the documents show Ripple was well aware of the risk that XRP would be deemed a security under federal law. Ripple rebuts this profusely and says the documents show that its legal team had ultimately concluded its tokens were not securities.
Two memos were attached as sealed exhibits in the motion to dismiss the SEC case by Ripple founder and chairman Chris Larsen. Ripple has previously argued that documents sent to prospective investors in 2012 did not refer to XRP as investment contracts or securities. These documents are to be unsealed as per the ruling by US District Judge Analisa Torres.
According to Ripple general counsel Stuart Alderoty, the documents “will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract”.
This will not be the last time we will see news around the case cause speculation and buying pressure, thus pumping XRPs price. Crypto News Australia reported last year how XRP surged over 100 percent in a month following its last court victory against the SEC.
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