The US SEC accuses ripple again after the latest developments around their case, while XRP seems to be gaining in value after the few small victories in court. This time, the SEC accused ripple of Harassment so let’s read more in our latest ripple news today.
The so-called XRP army went wild after Judge Sarah Netburn denied the US Securities and Exchange Commission from getting access to the executives’ bank records of Ripple. Her decision was seen as a huge win for investors that rushed to investors to buy some XRP. The instant spike in buying pressure behind the fourth biggest cryptocurrency by market cap led to a 240% surge and the price of XRP skyrocketed from $0.58 to a three-year high of $1.96.
The market participants seem to have taken advantage of the rising price to record some profits triggering a 40% correction. But the losses sped up in the past 24 hours after the US SEC accuses Ripple again of harassment. According to the regulator, the distributed ledger startup tried to access internal records that are not related to determining whether XRP is a security. These altcoins are veiled attempts to push the legal battle into a diffident process of discovery disputes and document review. The SEC noted:
“The defendants do not actually seek relevant evidence, but rather seek to harass the SEC, derail the case’s focus away from its merits, and bog down the SEC with document review.”
In the letter, the regulator asked Judge Netburn to resolve all the pending discovery disputes to prevent ripple from seeking privileged SEC staff materials that are irrelevant for the case and were already ruled out as not discoverable. XRP’s supply distribution on the other hand as we can see on the charts shows that the investors are unease about the SEC claims.
The number of addresses from 1,000,000 to 10,000,000 XRP dropped by 0.33% in the past two days and about four large whales left the new network or redistributed the tokens in a short period. The latest drop in the number of large investors behind XRP could seem insignificant at first but when you take into consideration that the whales hold from $1.10 million and $11 million of this token, the sudden spike in selling pressure can translate to millions of dollars.