Breaking News: XRP Holds Strong Against Crypto Market Selloff Amidst Ripple Vs. SEC
On Thursday, XRP price witnessed a 4% upside move despite the broader crypto market selloff. Ripple’s legal battle with the SEC is a key factor that may have contributed to this price increase. The SEC recently opposed Ripple’s motion to strike the declaration of Andrea Fox, claiming that it is a permissible summary evidence under the law and not an expert report.
Read Also: Ripple Moves Over 1 Billion XRP, Locks Back 800 Million in Escrow
Ripple’s Reply to SEC’s Opposition Revealed
Judge Sarah Netburn has entered a scheduling order regarding Ripple Labs’ motion to strike new expert materials submitted by the SEC to support remedies and final judgment against Ripple, which includes a penalty of almost $2 billion. Ripple is expected to file its reply three business days after the SEC’s opposition on April 29.
The SEC’s argument on pecuniary harm suffered by some institutional buyers is still weak enough for disgorgement, according to pro-XRP lawyer Bill Morgan. Ripple is likely to ask the judge to strike the Fox Declaration as it was filed after the discovery deadline. However, it’s up to Judge Netburn to decide whether to include the summary but remove the pecuniary harm statement the SEC included in the remedies-related brief.
XRP Price Saw Buying Amid Market Selloff
Meanwhile, XRP price jumped more than 4% in the last 24 hours, likely after Ripple locked 800 million XRP in escrow to decrease the circulating supply. Ripple also transferred 60 million to an unknown wallet, sparking discussion in the XRP community.
Also Read: Shiba Inu Whale Accumulates Billions as Crypto Platforms Stock Up on SHIB
The derivatives market recorded huge buying in the last 24 hours as whales and traders buy the dip, as per CoinGlass data. XRP futures open interest holds above 1 billion XRP, with OI jumping 6% in the last 24 hours and 2% in past 4 hours.
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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.
