Ripple’s native token, XRP has emerged to be the biggest gainer of the day. XRP prices have surged by a whopping 12% over the past 24 hours. However, this sudden spike is backed by the recent court’s order against the SEC in the Ripple lawsuit.
Court order pumping XRP price
Attorney James Filan informed that Judge Analisa Torres has overruled the SEC’s objection over the court orders. In addition, the Judge has asked the commission to comply with the orders. This directly means that now the SEC has to turn over the vital Hinman speech related documents.
This big decision by the court has directly pumped the XPR price in a positive way. XRP price are already riding high over recent impacting orders by the court. However, this is a big blow for the SEC in the Ripple lawsuit.
XRP prices are now up by around 50% in the last 30 days. XRP is trading at an average price of $0.489, at the press time. Its 24 hour trading volume is up by 91% to stand at $4.19 billion. XRP’s total market cap has regained the $24 billion level.
How this will affect the lawsuit?
Earlier, the SEC in its reply to object to the court order mentioned that the defendants have misrepresented the commission’s prior claims over the documents.
The commission argued that Judge Netburn erred in determining that the internal speech document is relevant to any claim in the case. While it was not happy with the findings that DPP does not protect the speech memos.
However, the SEC also did not accept that attorney client privilege does not protect speech memos. Meanwhile, the court holds that Judge Netburn’s derived conclusion over the internal documents. It is not erroneous or contrary to law.
Judge Netburn in an order mentioned that its purpose of discovery is an extremely broad concept.