Since the onset of the litigation battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the digital currency XRP has impressively increased by over 200% in relation to Bitcoin. This information was shared by on-chain analyst Leerzeit, making it clear that even amidst legal obstacles, the coin’s resilience is unwavering.
A Show of Resilience
At the moment of writing this article, the valuation of XRP stands at $0.488, reflecting a 0.5% increase over the past day. Contrary to what Bitcoin enthusiasts may argue, the lawsuit has not led to a decline in XRP’s worth against Bitcoin. Quite the opposite, XRP has demonstrated an encouraging climb despite the ongoing legal challenges.
Current market conditions surrounding XRP as of June 19 showcase robust indications of an incoming bullish period. An overwhelming majority of technical indicators and moving averages are signaling a ‘buy’ action. This is a strong indicator of a potential upsurge in XRP’s price, painting a positive picture for its future.
Ripple vs. SEC: Key Developments
The legal battle between Ripple and the SEC, unfolding over a span of several years, has now led to the unsealing of internal SEC documents. These newly disclosed documents pertain to the 2018 speech of Bill Hinman, a former SEC official, the content of which Ripple had requested in the lawsuit proceedings.
Brad Garlinghouse, CEO of Ripple, revealed that there were discussions regarding compliance with the SEC prior to the lawsuit. This involved dialogues with Jay Clayton, the previous SEC chairman, and Hinman. Interestingly, both had conveyed that XRP was not viewed as a security. Despite these discussions, Ripple was taken aback when it received a Wells Notice without any explicit guidance.