The $XRP token rose over 5% in the past 24 hours to post gains for the second straight day after reports that the SEC's case has tilted in favor of Ripple. By shauryamalwa.
Earlier this week, a federal judge ruled that the SECtied to former official William Hinman's 2018 speech on crypto and securities to Ripple, stating that they were “relevant to the judicial process.”
District Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, ruled that the documents tied to that speech, in which the former SEC Director of Corporation Finance stated that in his view, ether was not a security, cannot be sealed in a court order. Access to these documents would mean Ripple lawyers can learn how Hinman came to that conclusion, which could impact XRP’s own classification as a security. This is considered bullish for XRP tokens by some traders as they price Ripple’s victory in the court case.
“Others are speculating that Ripple could even emerge victorious from the court battle, regardless of which faction is correct, the presumed resolution of the case in Ripple’s favor is driving this positive momentum," Liu added.
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