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The value of XRP did not react positively to reports of Judge Netburn’s denial of SEC’s attorney-client claim over William Hinman’s internal document.
As reported by TheCryptoBasic yesterday, Ripple recorded a major victory against the Securities and Exchange Commission (SEC) in the ongoing lawsuit.
U.S. District Judge Sarah Netburn denied the SEC’s motion to protect internal documents related to the speech made by William Hinman, the former director of the agency’s Corporation Finance.
Hinman’s 2018 Speech
The Hinman document was used to draft the speech made by Hinman in 2018 when he declared that Ethereum (ETH) is not a security.
Ripple argued that there is a possibility that its native cryptocurrency was also discussed considering that it was in a head-to-head contest with ETH over which crypto would become the second-largest digital asset after Bitcoin at the time.
However, all efforts to have the SEC surrender the Hinman document have ended in futility. The agency had tried to use the law on different occasions to avoid handing over the Hinman documents to Ripple.
Yesterday’s victory marked the second time Judge Netburn will be ordering the SEC to surrender the Hinman documents to Ripple. Although the SEC is expected to file for reconsideration of the ruling, many legal experts following the lawsuit do not think the agency’s request will be granted.
Commenting on the likelihood that Judge Netburn will grant the SEC’s motion for reconsideration, attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, said:
You have to give the Judge something new at reconsideration. For the DPP reconsideration ruling the SEC gave her 10 or so emails that the Judge hadn't seen before. They already gave her emails for the attorney-client privilege motion. What is there that she hasn't considered?
— Jeremy Hogan (@attorneyjeremy1) July 13, 2022
XRP Not Impacted By Yesterday’s Victory
Despite the significance of yesterday’s victory, the price of XRP did not respond positively to the news. XRP remained stuck around $0.3 even though the court had denied the Securities and Exchange Commission’s request to protect Hinman’s document based on attorney-client privilege.
In the last seven days, XRP has traded between the prices of $0.3 and 0.35.
The ongoing Ripple v. SEC lawsuit has majorly affected XRP holders, who have seen the value of their investment in the cryptocurrency plummet massively.
Although Ripple was officially charged by the SEC in December 2020, XRP has already plunged tremendously since 2018 when the agency hinted that the blockchain company offered an unregistered securities offering.
In early 2018, XRP surged to an all-time high of $3.4. However, the cryptocurrency’s value has continued to dip from when Hinman declared ETH as a non-security to date.
XRP is down 90.8% from its all-time high of $3.4, as it is currently changing hands at $0.31. The coin sits as the seventh-largest cryptocurrency by market capitalization.
Many expected that yesterday’s development would have propelled the value of XRP to soar. However, the news did not have much impact on the coin’s price.