Why XRP Is Surging 39%
The price of major crypto asset XRP (CRYPTO: XRP) has seen a spike of about 39% after a ruling in a United States court.
What Happened: Ripple saw another major win by its legal team as a federal judge exempted Ripple's executives from having to provide their personal financial records to the Securities and Exchange Commission (SEC).
Ripple Labs Inc is the developer of XRP.
The ruling was made by United States District Court Judge Sarah Netburn, of the Southern District of New York.
In the ruling on Friday, Netburn wrote that the SEC’s requests for the records were not "relevant or proportional to the needs of the case."
On the news, XRP price climbed by nearly 38% from $1.01 up to a high of $1.39 before correcting and settling at $1.30 as of press time. All of this price action took place within the last 24 hours.
Why It Matters: The news follows this week's reports that the same judge also granted Ripple access to SEC minutes and memos “expressing the agency’s interpretation or views.” These records are said to detail why the regulator has not deemed Bitcoin (CRYPTO: BTC) or Ether (CRYPTO: ETH) securities.
Ripple — the firm which developed the XRP ledger used for interbank communication and settlements by major financial institutions worldwide — hopes that the documents will help make its case that XRP ought to be treated in the same way.
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