Digital Assets: XRP Makes A Comeback As Ripple Gains Legal Headway

April 8, 2021 | Digital Assets, Latest News, News
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XRP shot up above $1 on Tuesday. Most of those gains are still intact.

XRP made a huge move Tuesday, shooting above $1 and touching a 3-year high. No real reason could be ascribed to the move then, beyond generally bullish cryptocurrencies – the market value of all cryptocurrencies moved above $2 trillion. However, Ripple made a dent in its suit with the SEC, winning the right to ‘discovery,’ or access, to the SEC’s internal records on bitcoin, ether, and XRP.

Ripple and the SEC suit

U.S. Magistrate Judge Sarah Netburn on Tuesday ordered the SEC to produce internal discussions, such as minutes and memos, relating to whether XRP tokens are similar to cryptocurrencies like bitcoin (BTC) and ether (ETH), which are currently not regulated as securities. (Bitcoin.com)

According to Matthew Solomon, a counsel for Ripple CEO Brad Garlinghouse, if during discovery, the defendants in the suit found evidence indicating that the SEC thought XRP was akin to bitcoin or ether, it would be “game over” for the SEC’s case.

However, despite its powerful rally, XRP still was well below its 2018 high of $3.31, due to the overhang from a Securities and Exchange Commission lawsuit against XRP creator Ripple. At one stage, after the news of the SEC’s lawsuit, the cryptocurrency had plunged to as low as $0.20.

Petition to stop the war on XRP

Meanwhile, according to Coin Telegraph, Crypto & Policy founder Thomas Hodge has started a Change.org petition addressed to Securities and Exchange Commission chair nominee Gary Gensler, requesting him to end the SEC’s lawsuit against Ripple once he’s confirmed as chairman of the commission.

In a direct charge leveled at former SEC chair Jay Clayton and his SEC Director of Corporate Finance William Hinman, the petition alleged that the two officials could have financial motives for preferring bitcoin and ether while harming XRP.

The petition has so far collected 1,600 signatures.

Separately, attorney U.S. District Court Judge Analisa Torres granted attorney John Deaton and XRP holders a request to file a formal motion to intervene as a third party in the court battle between SEC and Ripple.

They now have until April 19th to do so, according to Forkast.

At the time of writing, XRP is trading at $0.96857.

Related Story:  Ripple Refutes The SEC’s Charges In 100-Page Reply

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