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XRP Shot Up by Over 30% After Ripple Gains Legal High Ground

After the news of Ripple’s latest legal victory against the United States Securities and Exchange Commission (SEC) got out, XRP hit over $1, having skyrocketed in value by 39%.

Ripple’s lawsuit battle with the Commission started way back in December 2020, when executive Brad Garlinghouse and Chris Larsen were filed for raising over $1.3 billion through an unregistered digital asset securities offering.

United States District Court Judge Sarah Netburn made the ruling on Friday. In the ruling, Netburn wrote that the SEC’s requests for Ripple’s executives’ personal financial records were irrelevant or not proportional to the needs of the case. For that reason, Ripple’s legal team emerged victorious again.

Not too long ago, the same judge granted Ripple’s request for internal records on Bitcoin, Ether, and XRP from the SEC. By referring to the records, the reason why the SEC considers XRP as a security but not Bitcoin or Ether will be uncovered.

In the last 24 hours, XRP increased by roughly 23% and currently settles at $1.30.

Other cryptocurrencies like Bitcoin and Ether have seen huge growth in the last few months, with Bitcoin breaking its all-time high of $60,000. Meanwhile, the lawsuit that the SEC filed against Ripple has proven to be a huge obstacle for XRP’s growth.

In the meantime, a petition asking the SEC’s new chairman to terminate the lawsuit, ultimately ending the war on XRP, has started.

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