XRP/USD closed at 0.91590 after placing a high of 1.10390 and a low of 0.91590. After a sharp surge in the previous three consecutive days, XRP dropped suddenly on Wednesday. After a big success in the SEC hearing, Ripple (XRP) surged above $1 level for the first time since 2018 on Tuesday. The court granted Ripple access to the US SEC documents expressing the financial regulator’s interpretation or views about the crypto assets.

The San Francisco-based cryptocurrency firm hoped to find evidence the regulator was defining XRP at some point as being similar to BTC and ETH , and these two currencies were largely accepted as non-security instruments. The distinction is very important as the US SEC was alleging Ripple and its executives violated US securities laws in selling XRP to retail consumers. This case may lead to the court ruling about how and when a cryptocurrency can be considered as security that other startups in the US could use as informal guidance in the future.

The recent access to US SEC minutes and memos will provide Ripple with a clearer view of the agency’s interpretation or views about the cryptocurrency that will help in its case. However, despite this big achievement in the case, XRP declined on Wednesday, aided by the sharp downward momentum in the prices of cryptocurrency king, Bitcoin.