XRP, the sixth-largest digital asset, emerged as the winner in that day’s market. Earlier that day, the asset surged to $0.4596, marking its weekly high. The majority of assets in the crypto market moved sideways at the moment, with Bitcoin [BTC] revisiting the $26K range. Nonetheless, the king coin managed a modest rebound amidst that period of consolidation.
The asset’s upswing was evident in its one-hour price chart. In addition to this, the Relative Strength Index [RSI] indicator highlighted how there had been increased buying pressure in the market. XRP was being overbought at that time.
What Caused XRP’s Uptrend Today?
The U.S. Securities and Exchange Commission [SEC] has been engaged in a long-standing legal battle against Ripple for several years. However, just as the community eagerly anticipates its conclusion, delays often come into play. The recent surge in XRP’s value was influenced by a positive development related to the ongoing case.
Today, Judge Analisa Torres of the U.S. District Court for the Southern District of New York rejected the SEC’s request to keep the Hinman Speech documents sealed. In December 2022, the SEC had filed a motion seeking to seal internal emails, text messages, and expert reports related to the speech. The SEC argued that these documents were not relevant to the case.
However, Judge Torres dismissed the SEC’s request and emphasized that the materials in question were considered “judicial documents.” Typically, such documents are presumed to be accessible to the public unless there are compelling reasons to keep them confidential. Judge Torres stressed the importance of public access to these materials.
The document in question dates back to June 14, 2018, and it revolves around a speech delivered by former SEC official William Hinman. The SEC’s current allegation against XRP is that it qualifies as a security. However, in the speech, Hinman revealed that the SEC does not classify Bitcoin [BTC] or Ethereum [ETH] as securities. This disclosure holds significant relevance in the context of the case. Ripple’s CEO, Brad Garlinghouse, celebrated this victory by sharing the news on Twitter and notifying the community.
At that particular moment, XRP traded at $0.4455 after experiencing a sharp retracement.