XRP, Ripple’s native token values have been surging and has become the biggest gainer of the day. In the past one day the native token values have surged by 12% and the sudden spike in values have linked to the recent court’s order against the SEC in the Ripple lawsuit.
Court Order Surges XRP price
Judge Analisa Torres has negated SEC’s objection over the court orders and has also asked the commission to comply with the court orders. In other words, it means that the SEC must turn over the vital Hinman speech related documents.
It was a big positive development for the native coin and the order is pushing its values to new heights. Already the XRP values are riding high on the positive sentiments and the latest order will again surge the values of the tokens. It is a big blow for the SEC in its legal wrangling with Ripple.
In the past one month , XRP prices have surged almost 50% and when reports last came in XRP was trading at an average price of $0.489. In the past 24 hours the trading volume has surged by 91% to stand at $4.19 billion. XRP’s total market cap has regained the $24 billion level.
How This Will Affect The Lawsuit?
The SEC in its rejoinder to the court, SEC said that the defendants have misrepresented the commission’s prior claims over the documents. The commission then went on to say that Judge Netburn made a mistake while designating that the internal speech document is relevant to any claim in the case. The commission also added that it was not happy with the fact that DPP does not protect the speech memos.
However, the court held the view that Judge Netburn’s derived conclusion over the internal documents were not erroneous the SEC did not accept that attorney client privilege does not protect speech memos.