The crypto community has been watching XRP closely this year during the ongoing legal battle between Ripple and the SEC.
XRP is rising in value
Despite the uncertainty surrounding XRP’s regulatory status, XRP has shown a positive price performance this year. This is largely due to Ripple’s notable successes in its legal battle against the SEC.
In the past week, XRP is up more than 8% and is approaching the $0.5 mark. As a result of the price increase, the coin’s market cap increased by $1.6 billion. The market cap increased from $22.2 billion on May 12 to $23.8 billion on May 19.
Currently, XRP is changing hands at USD 0.46, up 2.83% in the past 24 hours. On a year-over-year basis, the sixth-largest cryptocurrency by market capitalization gained more than 35%.
Ripple’s new win
The biggest reason behind these price surges for XRP over the past week came as Ripple scored another major win against the SEC in their longstanding dispute.
XRP rose more than 4% on May 17 after US District Judge Analisa Torres blocked the SEC’s motion to seal the Hinman documents. The Hinman documents contain internal SEC communications, including a speech by former division director William Hinman in 2018, in which he said that Bitcoin (BTC) and Ethereum (ETH) were not securities. The copy of the verdict was shared on Twitter by former attorney James K. Filan.
In addition, a possible date for Ripple and SEC’s ruling has now become known. In a separate tweet Filan said both parties will have 21 days after the sealing order to file public, redacted versions of the summary proceedings documents. These documents must be in accordance with the sealing ruling. This means that the documents are likely to be revealed on June 6