XRP Price Shoots 12% As Judge Denies SEC Access to Ripple Finances

Bhushan Akolkar
April 10, 2021 Updated June 3, 2025
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Brad-Garlinghouse

Ripple has scored its second big victory in a week’s time in its legal battle against the U.S. Securities and Exchange Commission (SEC). Magistrate Judge Sarah Netburn has denied the securities regulator access to the personal financial records of Ripple executives Brad Garlinghouse and Chris Larsen.

The XRP price has got a major boost following the news. At press time, XRP is trading 12% up at a price of $1.13 with a market cap of $51.9 billion. With this move, XRP takes the lead over Tether’s USDT while registering a solid 76% weekly gains.

Earlier this week, Ripple registered its first victory in the case. Judge Netburn granted Ripple the permission to get access to the SEC’s documents for Bitcoin and Ethereum wherein the securities regulator had exempted the two cryptocurrencies from the ‘security’ status. In this fresh development, Judge Netbuirn explains her reasons behind this decision. She wrote:

“The SEC’s requests for the Individual Defendants’ personal financial records, apart from those records of XRP transactions that are already promised, are not relevant or proportional to the needs of the case.”

The Judge further added that the claimant seeking the disclosure holds the burden of proving it right. However, the U.S. SEC hasn’t yet provided any plausible explanation or evidence for its demand. Besides, the SEC already has access to all relevant records for the transfer and sale of XRP The Judge further wrote:

“The SEC has not presented any evidence the Individual Defendants have hidden transactions or that the documents produced support an inference of hidden transactions. […]The SEC’s belief that the Individual Defendants’ banking records might show evidence of a speculative transaction that could have occurred (and that the Individual Defendants are not providing in their XRP transaction records) is not a foundation on which to order expansive discovery into personal financial accounts”.

End the War on XRP

Popular personalities from the crypto and the legal space are coming together for their support for Ripple. In a Change.org petition, Thomas Hodge, the founder of Crypto & Policy has asked SEC chairman Gary Gensler to end “the war on XRP”. The petition notes:

“We need to develop a clear regulatory framework for everyone, together with American blockchain developers and holders of digital assets”.

In addition, attorney Jeremy Hogan has also backed the latest court decision saying it’s a “good sign” for the Ripple Executives.

Since the XRP bulls look pretty strong at this point, the next potential XRP price target stands at $1.35.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.