The rally began after a judge in a ongoing court battle between Ripple and US Securities and Exchange Commission (SEC), issued orders that were deemed positive for Ripple.
At 13:25 UTC Tuesday, XRP had increased by 8.8% and 36% in the last 24 hours. It traded at USD 0.8445 and is currently ranked 6 th most valued crypto according to CoinGecko’s ranking.
The coin’s recent gains have placed it among the top performers on a daily basis. Only four altcoins of small size performed better than it in the last day.
The recent bullish moves in XRP have been triggered by new orders from a judge regarding a lawsuit filed by the SEC against Ripple. According to the suit, Ripple’s 2013 sale of XRP tokens was an illegal and unregistered sale.
Judge Analisa Torres issued the orders thistime, giving Ripple permission to reply to an SEC memorandum. It stated that Ripple had given “good cause” for Ripple to file a response to the arguments made by the SEC “for first time.”
The judge also ruled that email from Chris Larsen, Ripple’s cofounder and chairman, as well as Brad Garlinghouse (current CEO) should not be sealed.
Jeremy Hogan is a partner in the law firm Hogan & Hogan. The main takeaway from these orders is that Judge Torres “getting ready” to take control and move the case forward.
“[W]e’re moving into the second stage of the case where “things are going to happen,” said the lawyer in a tweet.
Judge Torres’ new orders follow reports last month that Ripple won the right access to a contentious document containing quotes from an SEC official. The question of whether ethereum is considered a security or not.
The legal status of XRP is affected by the question of whether ETH is considered security by the SEC.
