Ripple vs. SEC: XRP’s Green Resilience Raises Eyebrows
The ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs is a crucial one for the crypto industry. In the latest round of court filings, the SEC has filed an opposition to Ripple’s motion to strike new expert materials. The legal tussle has caused Ripple’s XRP to fall on a declining slope.
SEC files opposition
The SEC has filed an opposition brief in response to Ripple’s Motion to Strike, challenging the testimony from SEC accountant Andrea Fox. The watchdog claims that Fox’s testimony falls under standard summary evidence and is not expert testimony. This refutes Ripple’s claim of undisclosed expert testimony and holds significant importance in the case.
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Ripple argues that the commission has identified Fox as a summary witness, which suggests that it cannot offer new information. This raises questions about compliance with discovery requirements. The defendants are expected to file a reply by May 2, which is likely to focus on whether Fox’s declaration contained new information and exhibits.
After Ripple’s submission, the commission will be required to file a reply brief to address the opposition by May 6. The SEC’s opening brief highlighted the penalties and injunctions against Ripple for breaching US securities laws.
What’s Happening to XRP
Meanwhile, Ripple’s native token, XRP, has been battling increased selling pressure in the crypto market. XRP’s price jumped by over 2% in the last 24 hours, following extreme selling by whales and small holders. However, the crypto is still down by 16% on a year-to-date (YTD) basis and trading below 86% from its all-time high (ATH) of $3.84 recorded on January 4, 2018.
Read Also: SEC Counters Ripple’s Motion to Strike Andrea Fox’s Declaration
XRP’s 24-hour trading volume has increased by 18% to stand at $997 million, and its market cap stands at $28.2 billion despite facing regulatory challenges from the top financial watchdog. Recent court rulings involving Terraform Labs, Do Kwon, and Coinbase further highlight the regulatory scrutiny faced by crypto entities and the regulatory uncertainty surrounding cryptos. These rulings serve as reminders of the cruciality of ongoing legal proceedings.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
