“Ripple is spending about $100 million in lawsuits with the U.S. Securities and Exchange Commission (SEC),” said John Deaton, a U.S. attorney representing the Ripple (XRP) community.

According to U2Day, a cryptocurrency media outlet, on September 30 (local time), John Ditten said, “Ripple spent $2 million to $3 million just to get a ‘Hinman Speech’ order from the court, and now it has achieved its achievement,” the cryptocurrency industry should thank Ripple. The lawsuit is not just a Ripple fight. “If Ripple loses and SEC considers XRP as a securities, a number of cryptocurrency projects will share its fate with Ripple,” he said.

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He also said, “If Ripple receives a “Hinman speech” from the SEC according to the court’s order, the SEC may request proof or appeal.” Otherwise, the SEC will have to submit additional materials related to the speech records, which could be an important breakthrough for Ripple,” he added.

According to foreign media, Analisa Torres, a local judge in charge of Ripple-SEC lawsuits, recently ruled to release documents written by William Hinman, a former executive of the U.S. Securities and Exchange Commission.

Meanwhile, on the first day of October, the unique token XRP of Ripple, a blockchain-based overseas remittance platform, is weakening in the 1% range. However, XRP recorded the best performance among major cryptocurrencies with a 31.5% return in September. Investors and industry expectations that the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), which has been going on for nearly two years, will soon end in favor of Ripple.

As of 10:07 a.m. on the same day, it was trading at $0.4746 based on coin market cap. This is a 0.79% drop from 24 hours ago. XRP traded at a minimum of $0.3268 and a maximum of $0.5421.

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