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XRP price continues to soar and breached US$0.70 for a year high. The Ripple asset has seen a price increase of over 85% in the past 3 months.
The most recent surge where XRP jumped from low in the $0.50 to near $0.70 comes after after Ripple won its bid to keep its private email correspondence out of the public eye in its ongoing lawsuit with the US Securities and Exchange Commission (SEC).
In the lawsuit, filed that was filed against Ripple in December of 2020 it is alleged that Ripple raised $1.3 billion by selling XRP in ongoing unregistered securities offerings. Ito summarize, Ripple the company behind XRP, functions a central bank and has the ability to influence price fluctuations by using similar tools by selling of some of its XRP holdings.
On March 31, Ripple’s motion to temporarily seal four documents was granted and the New York court ordered Ripple and the SEC to agree on redactions by April 2. As a result, emails in two email exchanges were redacted.
The first is an email about Rippleworks and is an exchange between Ripple Chief Eectuive Officer Brad Garlinghouse and an anonymous person. Rippleworks is the company’s non-profit VC arm. The second email is between anonymous parties discussing XRP’s public perception and the extent of control Ripple has on it.
According to Ripple’s counsel, Andrew Ceresney, Ripple has not reached an agreement over the other two documents. One is an email exchange that contains co-founder Chris Larsen’s personal financial information and the other includes the company’s strategy that was shared with some of its private investors.
Obviously, Ripple wants these two email exchanges to be redacted. In a letter to the court, Ceresbey said:
“All four documents are ‘discovery materials filed with the court in connection with the discovery-related disputes,’ and therefore not judicial documents and not entitled to a presumption of public access.”
It is astonishing that XRP has performed so well since the SEC filed their lawsuit. While the asset immediately dipped to near $0.20 at the time, it has recovered since and at the time of writing it surpassed its performance prior to the lawsuit. XRP current holds a market cap of $33.5 billion at a price of $0.74.
Ripple recently hired former Uber executive Brooks Entwistle to lead its expansion in the South East Asia and Pacific region.