After Tuesday’s XRP surge it has all been bliss for Ripple. Apparently, the firm’s court case with the Security and Regulations Commission (SEC) went the way of Brad Garlinghouse who was excited about the outcome.
Ripple Labs won discovery from the Securities and Exchange Commission concerning its internal discussions on the status of its XRP token as a security.
Why Brad Garlinghouse is happy
Presiding Magistrate, Judge Sarah Netburn approved the motion determining that SEC minutes or memos concerning crypto can be discoverable by the defendant. It means that Ripple is able to access previously internal documents and raise disputes about SEC arguments.
The decision made Brad Garlinghouse celebrate on Twitter tweeting “today was a good day.”
Today was a good day.
— Brad Garlinghouse (@bgarlinghouse) April 6, 2021
The ruling happens to be in favor of the XRP developers, however, the case is far from ending. Ripple continues to claim that XRP is similar to all other cryptocurrencies like BTC, BNB, ETH, and others.
Tides have been shifting in favor of the Ripple since SEC sued them over XRP being a security. Weeks back, District Judge Analisa Torres approved XRP holders to intervene in the ongoing legal case against the SEC on grounds that they would be affected in addition to the company itself.
XRP breaks into top four crypto
The coin after its court success yesterday surged to $1, its highest price in the last three years. The coin was among the best performer after the positive news from its legal case on Tuesday.
The coin which has been on a roll for several days gained roughly 100% since April 4th and jumped to above $1.10. However, at press time, it trades at $0.98, slightly below $1.
Naturally, the asset’s market capitalization has surged as well, and XRP has now become the 4th largest crypto by that metric. XRP has been relatively flat during the bull market between December and February as it got repeatedly flipped by tokens around it such as DOT and BNB, both of which have made new all-time highs.
However, currently, XRP’s market cap has flipped Tether and Polkadot for fourth place with $46 billion. It is still behind Binance Coin though which has just topped out at a record $412 with a market cap of $63 billion.