XRP Retakes 4th Spot After Small SEC Victory: Price Analysis

XRP retakes 4^th spot by market cap on CoinMarketCap after the small SEC Victory that we reported about earlier in our Ripple news.

The CEO of Ripple Brad Garlinghouse tweeted “Today Was a good day” and he is not wrong. There are a lot of investors that are happy about the outcome because the SEC will have to provide documents on both ETH and BTC which could clear the way for Ripple in the future. Ripple Labs has been locked in a battle with the Securities and Exchange Commission which accused the company of offering unregistered security in its native XRP Token and in the discovery hearing, Ripple made another success as Judge Sarah Netburn ruled the SEC hand over internal documents regarding Ethereum and Bitcoin.

Today was a good day.

— Brad Garlinghouse (@bgarlinghouse) April 6, 2021

She ordered the SEC to provide all documents related to XRP, Ether, and Bitcoin wherein any third parties were involved. However, informal documents are not discoverable and they could include items like emails on thought processes. The SEC argued that documents they hold on BTC and ETH have no relevance to the case because they are not the same as XRP.
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However, a key component of Ripple’s defense is the lack of fair notice and due process.

This refers to the SEC’s previous announcements that ETH and BTC are not securities and the defense argued that it was reasonable for Ripple to assume that it was also the case with Ripple’s XRP especially since the company had no notice. Commenting on the ruling, Attorney Jeremy Hogan listened to the hearing and offered his opinion. Based on the events, he predicted that if a “special” document exists, SEC will have to withdraw legal action in the next 30 days:

 “If there is a smoking gun type document out there, in the next 30 days is when the SEC will look to get out of this litigation. This also conforms with Gensler getting on board, so if that is going to happen, look for that sometime in mid-May.”

When the litigation news emerged last year, things looked quite dark for XRP. the uncertainty of the situation triggered quite the exodus of partners from the Ripple ecosystem. XRP retakes 4th spot on CMC and was even trading at $0.17 and lost 70% of its previous high. bottoming out at that point ensued as details from the legal case painted the SEC unfavorably.