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