SEC news pumps XRP - but what about its on-chain outlook?

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Ibis
Jun 1, 2021

A few cryptocurrencies have had as good of a Monday as XRP.


Currently the 6th coin by market cap, XRP gained +24.6% over the last 36 hours on the back of - some feel - a pivotal ‘win’ in Ripple’s ongoing legal battle with the SEC.

XRP, price, past 30 days (Source: Sanbase)

In case you missed it, the presiding judge denied the SEC’s motion to compel Ripple Labs to “produce all communications constituting, transmitting, or discussing any legal advice Ripple [...] as to whether its offers and sales of XRP were or would be subject to federal securities laws.”


In layman terms (I’m not a lawyer), SEC wanted to argue that Ripple may have been told by its lawyers back in 2013 that XRP could be deemed a security, and requested that Ripple produce memos discussing initial XRP sales

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Assets from this insight

Ripple logo

RippleXRP

$ 0.775864

20.27%in last 7d
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