Ripple’s XRP followed the broader crypto market recovery to record an incline in prices as it awaits an update from the US SEC.
While the focus was on BTC and other major altcoins like ether and SOL, it was XRP with the most impressive recovery. The controversial cryptocurrency jumped 21% in Friday’s intraday trading, closing at around $0.42 at press time.
The token also suffered from the misfortunes of the crypto market, falling 25% in the past week. The collapse of Terra’s ecosystem and the sentiments surrounding the depreciative LUNA and UST were responsible for the freefall. XRP, like other tokens, has traced back to trading above 40 cents after Terra’s positive response.
John Deaton, the attorney representing XRP holders in the case, compared the freefall and sentiments to the period the SEC accused Ripple of trading unregistered security. He clarified that XRP’s value massively dwindled, resulting in heavy liquidation and loss of savings.
But, it isn’t the jump in price that excites the XRP community. It is the anticipation of an update from the SEC in response to Ripple’s filing over the former’s attempt to block the opening of crucial memos. The Ripple and XRP communities are eagerly waiting to see the next step the regulator will take to unblock the release of the memos.
Ripple Confirms Filing Opposition Over Intercepted Memos
Ripple has disclosed it will file a response to SEC’s attempted block over the release of Hinman memos. Hinman’s documents contained his speech about XRP and its nature – whether it was a security at the time of the recording or not.
The commission defended its actions, noting that the memos, including the infamous address, are under the attorney-client privilege. Therefore, is not obliged to release the documents for public consumption.
The US regulator has until May 18 to respond to Ripple’s response, after which, the court will decide on the next line of action to undertake.
Will the SEC Release Hinman’s Briefings?
The SEC is known for its maneuverable methods. Experts blame the commission for prolonging the Ripple case until now due to their incessant behavior to prosecute Ripple. It’s a known fact that the SEC has always had a thing against crypto firms.
As per the new development, the regulator claims that Hinman’s speech is irrelevant alongside past briefings and arguments in previous years. In its defense, those were all academic exercises. Also, the SEC didn’t omit court decisions and motions.
The commission has been reluctant to release the memos. Their response on May 18 could prove vital to the case’s progress. It could either work in Ripple’s favor or not.