XRP, the digital token used in Ripple’s payment network, doubled in the past seven days. In the legal battle against the SEC, Ripple scored a win against the SEC as the court denied the SEC access to its CEOs’ financial records.
Market sees the ruling in favor of Ripple. After surpassing $1 last week, prices for XRP are up 114% in the seven days through April 12. At the time of writing (April 12, 10:26AM, HKT), XRP is trading at $1.35, up 207% in the past 30 days.
The U.S. Securities and Exchange Commission (SEC) claims that Ripple’s co-founder Chris Larsen and CEO Brad Garlinghouse sold unregistered securities worth $1.3 billion.
In an attempt to determine how much money Larsen and Garlinghouse had obtained from the sale of XRP, the SEC last month requested eight years of financial records from Garlinghouse and Larsen.
However, the court rules that Ripple is not legally required to provide the personal banking records of Larsen and Garlinghouse. Obtaining such information was not “relevant or proportional to the needs of the case,” according to the judge.
“Crypto Newbie Should Not Buy Cardano”
On the other hand, the development team behind the Cardano blockchain, IOHK (Input Output Hong Kong), unveiled new details surrounding its smart contract release.
Cardano’s Alonzo upgrade will launch this coming August, which will add support for smart contracts to the blockchain. The upgrade aims to support businesses and provide support for developers wishing to build decentralized finance (DeFi) dApps.
Cardano’s native token, ADA, is trading at $1.32, up 8% in the previous 24 hours.
However, new crypto investors should not buy ADA, according to crypto investing firm Three Arrows Capital’s founder Su Zhu.
In a discussion on YouTube channel UpOnly, Su says that his neighbor asked him about investing in Cardano (ADA), he told him not to buy and look elsewhere.
“I told him to stay away and I gave him a list of proper assets and he thinks I’m an idiot,” said Su. He notes the volatility would likely end up shaking out non-experienced crypto traders. But, so far, this cycle’s drawdowns have been far less than people have thought they would be throughout the cycle especially even on altcoins.
Swiss bank UBS is reportedly exploring to offer cryptocurrency investments to wealthy clients. This move comes after more investment banks, including Goldman Sachs and Morgan