The SEC’s case against Ripple, regarding the alleged sale of XRP to the public as security, is proceeding with continued legal skirmishes.
After a judge’s decision unfavourable to Ripple around ten days ago, there has now been a favourable one.
Judge Sarah Netburn rejected the SEC’s request to force Ripple to produce certain documents regarding XRP, and according to lawyer Jeremy Hogan, the judge said that “Ripple’s subjective beliefs re XRP are NOT relevant to the Fair Notice defense,” preventing the SEC from using them to counter the defence.
The judge, however, specified that his decision only addresses this specific issue, and that the court does not take a position on the actual defence of Ripple.
The SEC would have liked to have access to Ripple’s legal considerations on the nature of XRP, but in fact the company managed to prevent the agency from accessing that information, consisting of documents from legal advice the company has requested or received in the past regarding the alleged nature of XRP as a security token.
The SEC had asked Judge Netburn on 7 May to order Ripple to produce these documents, but the judge rejected this request, saying that they are documents that Ripple claims are protected by the attorney-client privilege.
This is therefore just another skirmish, this time in Ripple’s favour, which only prolongs the ongoing proceedings.
XRP’s price after the latest episode in the SEC-Ripple case
The price of XRP has risen significantly since lawyer Hogan’s tweet.
Yesterday it was hovering around $0.8, but after that tweet, the price rose up to $0.9, and then up again today to around $1.
Compared to $1.8 in mid-April, the price of XRP is still 44% lower, but in line with the losses of other cryptocurrencies. It is worth mentioning that at the beginning of the year the price was still only slightly above $0.2, so the current price is five times higher than it was five months ago. However, the all-time high of January 2018 ($3.4) is still a long way off.