The trade price of XRP coin surged by nearly 7% within a couple of hours, following Ripple’s latest filing in the court.
Ripple is a San Francisco-based fintech firm. In Dec 2020, Ripple was sued by the United States Securities Exchange Commission (SEC) over its business with XRP coin. As per SEC’s allegations, the Ripple firm & its executives violated securities law, as the nature of the XRP coin was security. So far the legal fight is going on between Ripple & the SEC agency.
On 13 June 2023, As per a report from the block, Ripple submitted its filing in the court, in which SEC’s comments on William Hinman’s, a former US SEC Commissioner, speech included.
SEC comments on Hinman speech released in Ripple Labs filing https://t.co/bU5hXY4SP6
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— The Block (@TheBlock__) June 13, 2023
The Ripple’s chief legal officer Stuart Alderoty said that now it’s time to show a back-end drak picture, which was hidden from the crypto industry, via XRP lawsuit procedures.
Ripple officer noted that Hinman passed statements over the nature of Bitcoin & Ethereum, without any consideration of any law or rule, which further created huge confusion among the crypto market participants.
Alderoty said that Hinman & SEC lied several times in court, where they stated that Hinman’s speech was his personal opinion over the nature of crypto assets, which was later pointed out by the former SEC chairman Jay Clayton.
Overall, Hinman misused his position to blindly provide a safe nature to Ethereum & Bitcoin and clearly said that SEC doesn’t need to work on the regulatory efforts against Ethereum (ETH).
In the present time, the majority of legal experts are searching for interesting points from Hinman’s document. And it is expected that a big number of facts will come out in support of Ripple.
XRP trade price
Because of this news, XRP traders are showing a very high bullish nature toward XRP coin.
Within a couple of hours, the trade price of XRP coin surged by 7%.
The current trade price of the XRP coin is $0.548 and this trade price is 6.88% higher than the last 24 hours’ trade price.
Read also: I’m not sure the SEC is going to succeed against BinanceUS, says Professor Alexander
XRP surges 7%, as Ripple discloses SEC’s comments on Hinman’s documents
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