The leading American fintech company scored an early victory in court some hours ago as the court granted Ripple access to U.S. SEC documents “expressing the financial regulator’s interpretation or views” about crypto assets.
Recent price actions reveal XRP at the time of drafting this report traded around $1.05 on the FTX exchange for the first time in 3 years with a daily trading volume of $33 billion. XRP is up 20.05% for the day.
John E Deaton, a top-ranking lawyer via Twitter revealed the American judge Sarah Netburn permitted Ripple’s motion “in large part,” determining that the U.S Securities Exchange Commission memos concerning crypto are likely discoverable.
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Huge discovery:
The SEC attorney stated that last week @Ripple issued a subpoena to Clayton at his new place of employment for any communications related to Digital Assets including but not limited to #BTC #ETH and #XRP!
Well played.
— John E Deaton (@JohnEDeaton1) April 6, 2021
The Judge also asserted that Ripple’s staff-to-staff email communications do not need to be released in court.
The news pushed XRP’s valuation past Binance Coin, Cardano, and Polkadot; and at the time of writing this report, it currently ranks the fourth most valuable crypto asset.
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Earlier pessimism surrounding the crypto asset was due to the ongoing legal battle with the powerful financial regulator taking to account that the crypto had already been suspended from many western crypto exchanges like Coinbase amid regulatory concerns.
About 100 billion XRP tokens were created at once by Ripple about a decade ago. Ripple, the fintech juggernaut controls a big stake in the existing XRP tokens, leading to the debate about whether the crypto is decentralized like Ethereum or Bitcoin.