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XRP Price Increases to $0.89852 Amidst Lawsuit Filed by US SEC

California, USA – Ripple’s XRP price trades at $0.89852, increasing 10.08% despite the lawsuit filed by US SEC. The trade range of $0.84927 to $0.89852.

XRP continues to boost by 10.08%, leaving the price at $0.89852. The increase is the biggest percentage gain in a day since July 28. With a movement of the price, it pushed the market capitalization of this digital asset to $41.60441B, which is 2.19% of the total digital asset market capitalization.

This crypto’s value boosted in the past week, gaining 26.29% with a trading range of $0.7024 to $0.8985. Despite the gains of this cryptocurrency, its price is down 72.69% from an all-time high price of $3.29, which was on January 4, 2018.

On the other hand, the US SEC or Security Exchange Commission wants Ripple’s communication with employees in their Slack account. As per SEC, Slack communication will expose the wrongdoing of the company on all XRP-related transactions.

SEC submitted its request on August 9 to Sarah Netburn, a Magistrate Judge, and in a letter, Jorge Tenreiro, the attorney of SEC, complained that a huge Slack data were missing from Ripple.

XRP Price Increases to 0.89852 Amidst Lawsuit Filed by US SEC
Federal Law prohibits Slack to disclose information to SEC without consent.

As per SEC, Ripple didn’t gather and evaluate the messages of 33 people, yet the company agreed to search and share these with others. These are multi-party instant messages, chat messages, and direct messages shared on public channels, which all employees can access.

According to SEC, getting these messages is important as these can serve as evidence. Ripple didn’t disclose direct messages about XRP, and it argued that collecting data for the said custodians might be disproportionate to the lawsuit’s needs.

The Federal law banned Slack from giving access to the corporate Slack account of Ripple without any consent from the company. Despite the request of the SEC for consent, Ripple refused to provide.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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