Ripple (XRP) price recovered from the drop and gained more than 4% in a short time. Behind the momentum was news of the Blockchain company’s $250 million investment and its supremacy in the SEC lawsuit.
SEC lawsuit turns in favor of Ripple
The XRP price has soared as much as 5% after reports that Ripple had the upper hand in the SEC lawsuit. At the time of writing, it is trading slightly lower at $0.4626. However, it led to a nominal drop in the broader crypto market, with Bitcoin and Ethereum falling 1%.
XRP has gained around 10% last week, making it the biggest gainer among major tokens. Behind the momentum lies the SEC lawsuit and Ripple’s new investment news.
Results in favor of XRP from Hinman documents
Earlier this week, a federal judge ruled that the SEC cannot seal documents linked to former official William Hinman’s 2018 speech on crypto and securities to Ripple, stating that they are “related to judicial process.”
Ripple CEO Brad Garlinghouse tweeted the decision, “Another win for transparency!” he congratulated.
Another win for transparency! Unredacted Hinman emails to be publicly available soon – stay tuned as the lawyers work through the mechanics to make that happen. https://t.co/o6puPypRHd https://t.co/qmaLVeQaP8
— Brad Garlinghouse (@bgarlinghouse) May 16, 2023
Access to these documents means Ripple lawyers can learn how Hinman came to this conclusion, which could affect XRP’s own classification as a security. The news received backlash from investors. It helped the XRP price rise 5% independently of the market overall.
Ripple CEO warns
In a recent interview with CNBC, Brad Garlinghouse warned that more crypto companies will leave the US. Garlinghouse states that his firm is actively looking to recruit and invest abroad.
Ripple CEO says that moderate laws like MiCA in EU will be constructive for entrepreneurs and investors. Garlinghouse’s comment came as he faced legal challenges from the top financial watchdog.
U.S. has made crypto rules 'as confusing as possible,' says Brad Garlinghouse of Ripple. pic.twitter.com/OuBiUXx1vT
— CNBC International (@CNBCi) May 18, 2023
$ 250 million crypto investment from Ripple
Another development that moved the XRP price was the Blockchain company’s acquisition of Swiss-based crypto custody company Metaco. As Kriptokoin.com, we have included the details in this article.
Can Ripple price continue to rise?
As the crypto market continued to drop, XRP was one of the top earners of the week. However, it should be noted that the XRP price has been moving on a stagnant course until the US region makes a news announcement on the US SEC and Ripple case. The price is currently accompanying the overall market after the short-term momentum. The next move will depend largely on new developments from the case.
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