Positive Sentiment From Ripple Vs SEC Case, XRP Price Soared 39.1 Percent

The price of the XRP cryptocurrency has skyrocketed. (Currency)

JAKARTA – The price of Ripple crypto (XRP) has increased by more than 30 percent in a week. This was triggered by positive sentiment from the Ripple case with the US Securities and Exchange Commission (SEC) in court.

According to Cointelegraph, Judge Torres recently gave Ripple permission to respond to an SEC Law Memorandum in Support of Motion to Strike's fair notification defense, according to court documents.

In addition, Judge Torres also ordered the release of three documents related to the SEC vs. Ripple case, including the email thread and deposition notice of Ripple CEO Brad Garlinghouse and the emails of XRP founder Chris Larsen.

For information, the SEC has dragged Ripple to court with accusations that Ripple had sold illegal securities in December 2020. This also prevented Ripple Labs from planning an IPO on the stock exchange as did crypto platform Coinbase.

According to an SEC press release, the US regulator has filed a lawsuit against Ripple Labs for raising more than $1.3 billion through offering unregistered securities.

According to Zipmex, those charged include Ripple founder Christian Larsen and current Ripple CEO Brad Garlinghouse. The SEC lawsuit alleges Ripple raised funds since 2013 by offering unregistered securities to investors in the US and other countries. Ripple is also alleged to have distributed billions of XRP tokens in exchange for non-cash payments to market makers and laborers.

With the decision of Judge Torres, the price of XRP experienced a significant increase in one week. Data report from Coinecko proves that the price of XRP skyrocketed 39.1 percent in the past week. Meanwhile, in 24 hours, the price of XRP rose by 13.3 percent. As of writing, XRP is trading at IDR 12.397. Whereas a few days earlier, the price of XRP had fallen to the level of IDR 8.753 on February 3, 2022.