On Thursday (August 12), XRP extended the bull run that began on July 21, surging above the $1 level for the first time in nearly 10 weeks.

According to data from TradingView, on crypto exchange Bitstamp, at 07:08 UTC on August 12, the XRP price reached $1.00173.

Currently (as of 08:20 UTC on August 12), XRP-USD is trading around $1.00818, up 13.96% in the past 24-hour period (and up 74.44% in the past three weeks).

Yesterday (August 11), American lawyer Jeremy Hogan, a partner at the law firm Hogan & Hogan, who has been providing valuable commentary throughout the lawsuit brought in December 2020 by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs, jokingly said that he had become “an official member of the XRP army.”

Talking about lawyers, as reported earlier by Cointelegraph, on Monday (August 9), the SEC filed an Emergency Letter Motion with the U.S. District Court for the Southern District of New York.

In a letter to U.S. Magistrate Judge Sarah Netburn, Jorge G. Tenreiro, who is a Senior Trial Counsel in the Division of Enforcement of the SEC, New York Regional Office, wrote that the plaintiff (i.e. the SEC) “requests a pre-motion conference where the SEC will seek an order compelling Defendant Ripple Labs, Inc. (‘Ripple’) to search and produce relevant communications between Ripple employees on Slack”.

Tenreiro went on to say that Ripple had “agreed at the outset of discovery to search for and produce responsive Slack data but now, in the waning days of fact discovery, suddenly refuses to do so on the basis of Ripple’s mistakes in gathering that data.”

He said that it was important for the SEC to get its hands on this data because “the relatively few Slack messages Ripple has produced have yielded critically important information—not contained in emails or other documents—that the SEC has repeatedly used in depositions to refresh Ripple’s employees’ dwindling recollections” and that although the two parties had met to discuss this issue, they are currently “at an impasse.”

Yesterday, American attorney James K. Filan said on Twitter that Ripple’s lawyers had written to Judge Netburn to ask her to extend the deadline to respond to the SEC’s motion from August 12 to August 16 and that this extension had been granted.


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Image by “jensjunge” via Pixabay