XRP Up As Former SEC Head Blasts Lawsuit As "Dead Wrong"

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The crypto market is seeing a selloff today but one coin steadily refuses to move along with the others in the top 10. XRP, the cryptocoin of Ripple Labs, is rising near 6% at the moment of writing on surging volume. It comes as the former head of the SEC blasted the institution’s lawsuit against Ripple as “Dead Wrong” and the Ripple board readies to meet with the SEC today.

Even though New York governor Andrew Cuomo was proud to announce last week that “indoor dining” is back in his city, the Ripple board and the SEC are set to meet over video call in their first pre-trial hearing before the US District Court of the Southern District of New York.

Sugarcoat

It comes just as former SEC chair Mary Jo White claimed in an interview with Fortune over the weekend that the institution she once led made a serious judgment of error when suing Ripple labs.

There’s no way to sugarcoat it. They’re dead wrong legally and factually.

She said about the case.

#XRPCommunity #XRP Price Soars by 15% After SEC’s #Ripple Lawsuit Amendment, Can $XRP Price Reach $1?

Another milestone along the way.https://t.co/xKF7P4TCXY

— LochinvarLass Fan of Mass Adoption #FBXRP #XRP (@LochinvarLass) February 22, 2021

As a former U.S. attorney and SEC chair, you know that when it takes that long to figure out a case you probably shouldn’t be bringing it. It’s not something I would do walking out the door.

She added, referring to the fact that the lawsuit was brought on in the last days of the Trump administration (Republican), which has now been followed up by the Biden administration (Democrat).

Settlement time?

Given that Ms White has been hired by Ripple labs as an adviser, her comments could of course also be interpreted differently, but her record of knowledge is normally quite correct in these matters.

#XRP SEC vs. Ripple Court Hearing Begins Today: What to Expect https://t.co/IxSkRDGmLC

— The Entry Factory (@Marcus_bota) February 22, 2021

As we’ve said in previous reporting on the matter, White also agreed that both sides could come to an agreement in a settlement before any judgment passes. In that case, an open question remains as to what will happen to XRP’s price and it’s listing on several crypto exchanges.

XRP has for the moment not enjoyed a bull market as most other coins in the top ten have.