In an interesting turn of events, XRP, Ripple’s native token, has shown resilience in the face of an otherwise declining crypto market, posting a 2% gain in the last 24 hours. The uptick comes on the back of recent developments suggesting Ripple may be gaining an edge in their ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Over the last week, the value of XRP has surged by more than 8%, leading the pack amongst major tokens right now.
Ripple’s Judicial Triumph: Glimmers of Hope
The momentum shift for XRP seems to be stemming from a favorable ruling in the court case on May 15. District Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that the SEC cannot seal documents related to a 2018 speech by former official William Hinman on the status of cryptocurrencies and securities. The court’s decision hinged on the view that these documents were “pertinent to the judicial process.”
A Landmark Date Looms
This latest court ruling has fueled optimism among XRP traders who believe that the recent court victory for Ripple could mark a significant win in the case overall. SEC’s shifting stance on cryptocurrency legislation has also been noted, with the regulatory body recently arguing against the need for legislative action for the crypto industry.
In its response to Coinbase’s request for clarification on crypto industry regulation, the SEC stated:
“Neither the securities laws nor the Administrative Procedure Act imposes an obligation on the Securities and Exchange Commission to issue the broad new regulations regarding ‘digital assets’ Coinbase has requested.”
At the time of writing, XRP is valued at $0.46, underlining its defiance of the broader market’s downturn. As Ripple navigates the legal waters with the SEC, the crypto community is keeping a keen eye on the developments that could potentially reshape the future landscape of digital assets.