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Investors Swarm towards XRP Infusing $1.6B within One Week


The Securities and Exchange Commission (SEC) has been in a drawn-out battle with Ripple Labs for a long time.

Even with the uncertain regulatory status surrounding the case, XRP still displays a positive price action this year.

More Details to the News

XRP price action has risen above 8% for the last few weeks while closing in on the $0.5 margin.

Due to the surge in price, the crypto’s market capitalization rose by $1.6 billion.

Thus, it creased from $22.2 billion on May 12 to $23.8 billion as of today, May 19.

During press time, XRP is seen to change hands at $0.46, above 2.83% in the last 24 hours.

From the beginning of this year until now, the 6th largest crypto by market capitalization gained more than 35%.

This marks a sharp rebound after the wider crypto market survived a challenging 2022.

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The matter that Led to the Surge

The recent ruling favoring Ripple against SEC in their long-standing battle boosted the price.

Precisely, the XRP price skyrocketed by more than 4% yesterday, May 17. The news followed after a United States District Judge, Analisa Torres, dismissed the US Securities and Exchange Commission’s motion to hide the Hinman documents.

The motion was nailed by the internal communications of SEC, which contain a statement from William Hinman, a former Division Director, in 2018.

In the speech, Hinman said that BTC (Bitcoin) and ETH (Ethereum) aren’t securities.

The copy of the judgment was posted on Twitter by James K. Filan, who was the former defense lawyer.

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A likely date for SEC and Ripple redaction revelation has been set in the wake of the judgment.

As per a different tweet from Filan, a court order in September 2022 demanded that both parties have precisely 21 days after the sealing ruling to release a publicly redacted version of Summary Judgment documents in compliance with the sealing ruling.

As a result, these documents will likely be disclosed come June 6.






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