Ripple’s XRP Granted Motion as SEC Battle Escalates

Estimated read time 2 min read
  • XRP faced a 0.93% decline, closing at $0.5136 amidst ongoing legal battles, notably the SEC v Ripple case.
  • In a significant development, Judge Torres granted Ripple’s motion to file a sur-reply, allowing the company to challenge the SEC’s claims and potentially reshape the course of the legal proceedings.

The cryptocurrency market witnessed a 0.93% dip in XRP on Thursday, settling at $0.5136. The prolonged SEC v Ripple legal saga continued to influence market sentiments, with significant updates unfolding.

The Thursday Overview: Closing in the red for the seventh time in nine sessions, XRP faced challenges amidst the ongoing legal battle. SEC v Ripple case developments were under the spotlight, and investor interest peaked.

SEC v Ripple Case: Judge Torres Grants Ripple Motion to File Sur-Reply: In a recent twist, Judge Torres granted Ripple’s motion to file a sur-reply letter concerning the SEC’s Motion to Compel. Defense attorney James Filan shared this update, stating that the sur-reply aimed to correct a factual mischaracterization by the SEC.

Subtitle: Ripple Challenges SEC’s Misstatements: Ripple, in its motion, aimed to rectify the SEC’s claims, asserting that the company did object to the SEC’s request for post-complaint contracts, and the SEC’s statements were misleading.

SEC Motion to Compel Focuses on Post-Complaint Activity: The SEC’s Motion to Compel, filed on January 11, targeted post-complaint contracts and financial statements for 2022-23. Ripple’s opposition followed on January 19. Judge Torres now faces the decision of considering these motions.

Ripple’s Compliance in Question: The SEC’s request aims to determine if Ripple continued to breach securities laws post the initial complaint, with potential punitive penalties in play.

Technical Analysis and Market Implications: XRP, trading below the 50-day and 200-day EMAs, presents a bearish outlook. A potential move to the $0.52 handle could trigger a bullish reversal, while a dip below $0.5042 might lead to further downside.

As legal battles unfold, XRP’s fate remains uncertain, with market movements closely tied to courtroom decisions and regulatory developments.

vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.

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