Last Minute: XRP Price Soared With News From Ripple Case!

Ripple started suppressing the SEC.

Today was a very important day for XRP , one of the projects with the largest investor base in the crypto money industry . The pre-hearing of the securities case filed against Ripple by the US Securities and Exchange Commission (SEC) was officially held today.

First News from Ripple and SEC Case

Although there is no news from official sources about the hearing yet, people attending the hearing report the developments instantly. Not only the Ripple and SEC team, but also the lawyers of the exchanges that listed XRP were present at the pre-hearing, which started on February 22 and at 18:00.

Crypto money investor Jesse Hynes, who attended the hearing held in the form of a teleconference, shared a very important information. Although Hynes did not give general information about the pre-hearing, he explained the development that marked it. According to the information quoted by Hynes, the biggest incident was a statement from Ripple to the SEC.

SEC's Vulnerability Found

According to the reported information, Ripple has evidence that the SEC did not contact the exchanges in 2019 and inform them that XRP was suspected of securities. Ripple lawyers claim that the US financial regulator contacted exchanges in 2019 and before, but did not tell any of them that XRP could be a security.

The SEC was normally supposed to warn exchanges and state that they are selling securities. However, according to Ripple lawyers, the fact that this was not done at that time creates indecision and uncertainty in the case now opened.

After this development, the XRP price rose by 3% as of the time the article was written, reaching up to $ 0.58. The XRP price has been reddered again since this news was updated. Ripple's recent statements may also have contributed to this.

Ripple CEO's Defense

Attorney Matthew Solomon, representing Ripple CEO Garlinghouse, stated that the CEO has already made a request for the case to be dropped. Solomon stated that as the case continued, the SEC was at fault and, although he knew the securities risk of XRP, he did not declare it. According to the famous lawyer, as the case continues, it will be proven that XRP cannot be a security and the lawsuit will be dropped.

In addition, Garlinghouse's claims that he manipulated the market with XRP sales were also denied by his lawyer. The lawyer emphasized that XRP is viewed as an investment contract and Garlinghouse is not selling knowing that it is XRP.