Ripple and SEC’s never-ending lawsuit may have reached a final ruling by the judge, despite several motions filed; in the meantime the XRP crypto has registered a 9% price pump in the last week.
Ripple (XRP): lawsuit against the SEC nears final stage
After 4 years of litigation between Ripple (XRP) and the SEC, perhaps the final stage is approaching, with the judge’s closing ruling.
And indeed, according to reports, both sides have filed several motions, in some cases considered for final judgment, and in others “blocked.” Like the latest development, which has US defense attorney James Filan noting that the regulator has filed a motion to block Ripple’s appraisal.
Basically, the US SEC wants to block expert testimony in defense of Ripple on the grounds that their testimony is unreliable and offers “improper legal conclusions.”
Not only that, the agency claims that one of the experts does not have the proper background to provide an opinion, citing that he copied it from sources such as Ripple’s blogs. In essence, the SEC is attacking qualifications and reputations of Ripple’s experts, stressing that they must be able to understand the topic at hand.
Likewise, Ripple’s defenders had also filed a drafted motion to remove the SEC’s expert testimony and related exhibits from the public record.
Ripple (XRP) and the SEC: deal or judge’s ruling?
Given the continuing motions, attorney John E. Deaton, who represents 75,000 XRP investors in the lawsuit with an amicus brief, recently posted a poll on Twitter asking the community what outcome to expect for Ripple in 2023.
59% responded that they expect a settlement between Ripple and the SEC, while 39% expect a verdict from Judge Analisa Torres.
In general, it appears that 18 January is the last important date before Judge Torres works out a verdict, if no settlement agreement is announced first.
The lawsuit arose after the SEC sued Ripple for raising more than $1.3 billion after selling unregistered securities in XRP tokens. The outcome of that lawsuit, will have a significant implication on the overall cryptocurrency market, also affecting the value of assets such as XRP.
XRP’s 9% price pump over the past week
Like the general bullish trend of crypto, led by Bitcoin, XRP has also experienced a price pump in the last week, by 9%.
And indeed, from $0.35 seven days ago, today XRP is worth $0.38, although it has touched highs of over $0.40 during these days.
Ripple (XRP) currently remains in sixth place in the overall crypto ranking by market capitalization, which totals more than $19.5 billion.
Leave a Comment