Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	15,970,074,364	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

15,970,074,364

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0051	1.13%	0.4547	0.4547	0.4549

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0051

1.13%

0.4547

0.4549

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.462883	0.4383	0.4491	0.4496	0.216009 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.462883

0.4383

0.4491

0.4496

0.216009 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:22:41	2.21	0.4547	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:22:41

2.21

0.4547

USD

Price x Volume	Volume	Base Symbol	Related Pairs
12,512,125.08	27,724,294.72	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

12,512,125.08

27,724,294.72

Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

15/05/2022 5:50pm

NEWSBTC

Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission lawsuit following the comments of William Hinman, former SEC Corporate Finance director. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? Ether are not securities, Hinman said. (Bitrates.com) William Hinman: Ether Not a Security A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum is not a security. Emails recovered as evidence strengthened claims that Hinman had some conflict of interest connected to those comments. In 2018, Hinman’s speech included this statement: “Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.” Hinman’s speech stated that Ethereum is not a security which insofar is tagged as an opinion based on his own understanding of Ether and the Ethereum Network. More so, the decentralized nature, and Ether transactions and sales are not secure, according to his personal knowledge and understanding. On the other hand, Hinman attested that there are four criteria barring the rationale rendered by SEC, stating that said communications made in 2018 won’t fall under the attorney-client privilege. XRP total market cap at $20.60 billion on the weekend chart | Source: TradingView.com In addition, communications made by Hinman isn’t confidential information. Further, if in case SEC discovers any other information that can be protected, the only person who can claim that is Hinman. Ripple Violated Securities Act of 1933? Ripple’s defense on this case is that XRP’s purpose can’t classify the coin as a security. SEC has no power or authority over Ripple considering that XRP’s function is as a medium of exchange. Further, Ripple states that the currency is utilized as an intermediary intended for remittance and not a security. Suggested Reading | NFT Prices Take A Beating After Crypto Market Chaos Ripple also defended that SEC did not clarify the classification of digital assets which failed to provide Ripple Labs timely guidance or warning as to how the current laws apply to XRP. However, SEC contested that Ripple has in fact obtained advice from them in 2012 identifying its product as an investment which requires SEC regulation. Hinman’s speech, however, further strengthens Ripple’s defense as it implied that if Ether or XRP was bought to participate in a decentralized platform and not for earning from trading activity, then it’s definitely not a security. Featured image from CryptoGlobe, chart from TradingView.com

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