XRP Price Surges 10% On Positive SEC News: Price Analysis

XRP price surges 10% on some positive SEC news in what seems to be a new development in the case so let’s follow up on the latest Ripple news today.

The positive news emerged for Ripple last week after the blockchain giant looks to be relisted on the US coin exchanges as, during the historic SEC lawsuit against Ripple Labs, a judge involved in the discovery process acknowledged Ripple’s viability as a currency and utility. The SEC admitted that only Ripple and its affiliates are capable of illegally soliciting securities so could this be another positive wave for XRP to be relisted on more exchanges?

Judge Sarah Netburn of the Southern District Court of the United States, characterized XRP as how Ripple lawyers did which is both a currency and a utility. If ripple manages to argue well In court that its native coin is a currency, the case will unravel and now it seems that Judge Netbrun is nearing that conclusion. The press releases on the SEC lawsuit show that XPP was been delisted from every major US exchange but despite that, Ripple will continue growing in other markets like Asia.

Netburn is not the main judge on the case as he is assisting and consulting the case in the discovery and mediation processes but if Netburn acknowledges XRP’s applicable use as a currency before an asset, it will boost the chances of Judge Analisa Torres to side with Ripple. In a video published on Saturday, attorney Jeremy Hogan commented:

 “If I’m Ripple, I’m feeling pretty good that my mediator and consulting summary judgment judge just said on the record what I essentially argued in my pleadings.”

Hogan noted that the SEC response to Netburn’s question about the sale of illegal securities asking whether the users will be liable for owning one or selling one. The SEC responded that only Ripple and its affiliates under Section 4 of the Securities Act will be responsible for the sale of illegal securities. The statement doesn’t permit popular exchanges like eToro and coinbase to reinstate XRP but does initiate a potential pathway so Ripple needs a final ruling as a viable currency or legal security.
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Whatever the case is, the XRP price surges 10% on these developments.