The digital token XRP has been performing excellently well over the past week, following Ripple’s permission to explain ‘fair notice defense’ against the United States Securities and Exchange Commission (SEC).
Over the last 24 hours, XRP has managed to print over 20% price increase and relatively 39% in less than a week, according to CoinMarketCap. At the time of writing, the cryptocurrency is trading at $0.8582.
This outstanding performance has been attributed to the positive sentiment around the ongoing lawsuit, in which the United States SEC claims that Ripple sold XRP as illegal securities.
Ripple-SEC Lawsuit Aiding XRP’s Rise in Value
XRP buying pressure is seemingly back after a major decision from Judge Analisa Torres, the magistrate that is presiding over the securities case between Ripple and the SEC.
According to court documents, Judge Torres has granted Ripple permission to respond to the SEC’s Memorandum of Law in support of the motion to strike fair notice defense.
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Moreover, the Judge ordered to unseal three documents relating to the case between Ripple and the SEC, including Ripple CEO Brad Garlinghouse’s email thread and deposition notice and co-founder Chris Larsen’s email string.
Judge Torres’s orders resulted in a positive trend for XRP in the market. As soon as the order was pronounced, the price of XRP jumped relatively 30% from its 3rd February low of $0.58.
Reacting to the ruling, the founder of CryptoLaw, John Deaton, who is the attorney representing XRP holders in the lawsuit, said:
“What these rulings clearly show is that Judge Torres favors public disclosure. Ripple can’t seal certain documents (i.e., legal Memo). The same applies to the SEC. Think ahead! We may ultimately get to see the 63 Hinman emails!”
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Also, in a recent YouTube update, Attorney Jeremy Hogan, a legal expert and stern Ripple supporter, said:
“Our final takeaway from the judge’s order is this: I think we are going to get a ruling on these three dispositive motions very soon. And by that, I mean, within a month possibly.
In fact, Judge Torres may have already decided and written her orders on two of the three dispositive motions and just needs to figure out what exhibits can be shown or referenced in her order when they are published.
This is definitely a housekeeping order and these usually happen when a judge is ready to invite people over to their home and look at something.
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So, there is one last brief due on February 9 from Ripple, and then, hold on to your hats, we could get that long-awaited and key ruling on whether the fair notice defense survives any day now.”
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