xrp crypto news

XRP Doubles as Ripple Scores Victory, ‘XRP’ Overtakes ‘Ethereum’ On Google

XRP Doubles as Ripple Scores Victory, 'XRP' Overtakes 'Ethereum' On Google
Written by publisher team

rippleThe company’s bosses scored yet another legal victory in their already protracted struggle with US regulation Securities and Exchange Commission (SEC) – After a magistrate’s judge upheld an attempt to respect the privacy of the personal financial records of CEO Brad Garlinghouse and CEO Chris Larsen. The (relatively) positive news gave the market a boost to the upside, fueling interest in this symbol even more.

Source: Adobe / Tierney

Larsen and Garlinghouse claim that the regulator has been demanding to know how much they “spent on groceries” over the past eight years — details they claim are not relevant to the case, which centers on the SEC’s accusation that Ripple’s XRP affiliate is an illegal security token registered.

Lawyers for the executives stated that the SEC was attempting a “massive overreach” with its efforts to make records public.

According to an official document for the Southern District Court in New York, Magistrates Judge Sarah Netburn ruled that the court ruled that the SEC’s requests for Larsen and Garlinghouse’s personal financial records, “apart from records of XRP transactions already committed, are not relevant or proportionate to case needs.

XRP rallied strongly over the weekend and is correcting its gains today. At 08:33 UTC, it is trading at $1.38 which is down about 4% on the day, trimming its weekly gain to less than 118%. It also rose by 213% in one month.

XRP Price Chart:

Source: coingecko.com

The Securities and Exchange Commission (SEC) accused the duo of violating Section 5 of the Securities Act of 1933, which specifies that securities may not be “offered, sold, or delivered” without obtaining registration status or prior exemption from the regulator.

Netburn wrote that the court was not “convinced that personal bank records would (or could even show) what the SEC claimed it would,” that is, “individual violations of Section 5.”

XRP proponents will see the recent development as justification, but some observers claim that a knockout for Ripple is unlikely – and a deadlock is the most likely outcome.

As previously reported, a legal expert estimates that Ripple has the resources and willpower to fight the SEC all the way to the appellate courts if the need arises when the most likely outcome is a “negotiated settlement.” This would allow the Securities and Exchange Commission (SEC) to save face and allow Ripple to do the same, albeit at a financial cost.

And there are signs that the token is gaining traction outside the usual circle of XRP evangelists — with a 650% increase in Google queries from users asking: “Why is XRP soaring?” According to Google Trends data.

The search engine data also shows that searches related to XRP started outperforming searches related to Ethereum (ETH) on April 10th, remaining marginally higher over the past two days so far.

The country with the highest rise in XRP searches was Japan, where the token has traditionally enjoyed a great deal of popularity, in part due to Ripple’s close ties with SBIJapanese stock and cryptocurrency giant.
___
Learn more:
Compromise is the most likely outcome in the Ripple vs. SEC – Lawyer
XRP believes that security will not harm Ripple, but may harm the United States – CEO
– Garlinghouse Pulls Back BTC as Ripple Gains Ground Rise on SEC and XRP
– Brad Garlinghouse: SEC lawsuit against Ripple is ‘against cryptocurrencies in general’
Ripple goes for mergers and acquisitions in Asia amid US legal battle
An unconfirmed report from a court hearing may have sparked the XRP Rally
– SEC Lists 3 Reasons to Request Ripple Execs Financial Information on XRP Trades
– The Securities and Exchange Commission (SEC) in a letter to the judge criticized Ripple’s “lack of due process.”
Ripple’s claim to validate “many G20 governments” claim that XRP is a “currency”

About the author

publisher team