XRP price surging after Judge ruling on Ripple vs. SEC case
The SEC vs. Ripple legal fight has dragged on for years now.
The final ruling on the case is expected to have a major impact on the entire crypto space.
Ripple is planning to use Hinman’s speech document to show that the SEC is biased.
The price of Ripple’s native token, XRP, has been trending for the past 24 hours after a US district Judge Analisa Torres ruled against the SEC’s motion to seal Hinman’s speech-related documents. The ruling comes months after another judge Sarah Netburn directed the regulatory agency to surrender Hinman’s speech documents to Ripple.
At press time, XRP was trading at $0.4458, up 5.65% in the last 24 hours.
Hinman’s documents could determine the final court ruling
The US SEC had filed a motion to seal text messages and internal emails connected to Hinman’s remarks on 22 December last year stating that revealing the documents surpassed the public’s rights to access “irrelevance” records.
However, when making the ruling, Judge Torres said that Hinman’s documents could influence the court’s ruling
Torres’ ruling upholds the previous ruling by Judge Netburn who emphasized that the SEC can’t seal Hinman’s documents since they are crucial for the judicial process.
Hinman’s speech documents contain statements made by the former SEC Director of Corporation Finance, William Hinman in 2018. Hinman is alleged to have said that Ethereum’s Ether (ETH) was not a security and also contain preliminary opinions and explorations of the XRP token.