The price of the main cryptocurrency XRP (CRYPTO: XRP) rose by 39%, following a court ruling in the United States.
According to Bal Baladi, Ripple, a developer of XRP, scored a significant victory when a federal judge exempted company executives from the obligation to submit their personal financial records to the Securities and Exchange Commission.
The ruling was delivered by US District Court Judge Sarah Knightburn, in the Southern District of New York.
In the ruling issued last Friday, Netburn said that the Securities and Exchange Commission’s requests to obtain the records were not related or proportional to the needs of the case.
Following the verdict, the price of XRP witnessed a rise of 39% from $ 1.01 to $ 1.39, before correcting and stabilizing at $ 1.30. All price movements occurred during the past 24 hours.
Ripple is the developer of the XRP coin used in interbank communication and settlements by major financial institutions around the world.