The Ripple lawsuit has been on the news for a long time and the direction of the case has been totally changed with the new decision taken by the US court. The company
had been granted access to some of the SEC’s documents and that is approved by Judge Sarah Netburn.
The pillar of the SEC’s argument in the Ripple lawsuit is that Ripple’s XRP coin is not a currency but a security so it cannot be distributed according to the SEC regulations. However, the Ripple lawyers found a way out in the Ripple lawsuit when Judge Sarah Netburn stated in the courtroom that XRP sounds like a currency to her. If Ripple was mentioned as a currency rather than a security in any SEC document or the definition of cryptocurrency in the documents is suitable for labeling XRP as a currency, then the SEC will become the absolute loser of the case and it is meaningless to mention the winner.
Ripple has already been performing very well and this news was cherry on top. XRP price hit the level of $1 and increased by 82% over the last week as of writing. The company has suffered a lot during the Ripple lawsuit and was delisted by many exchanges all around the world. While XRP owner had difficult times to cover their losses, they can finally enjoy the 73% jump occurred last week. The XRP price is currently fluctuating around $1.05 which represents the highest level in its history.
“Today was a good day,” Brad Garlinghouse tweeted yesterday but the case is still not closed. These shiny days may be over if Ripple cannot find what they look for. All we can do for now is to sit and follow the news.