Ripple vs. SEC legal battle escalates amid investor demand for clarity, fueled by a notable XRP transfer and anticipation of the SEC’s reply brief.
Ripple and the U.S. Securities and Exchange Commission (SEC) are in a bigger legal fight, and investors want more information about the XRP lawsuit. New events, such as the large transfer of 28.24 million XRP to the Bitstamp market by an unknown whale, have made speculation even stronger.
Meanwhile, investors are looking forward to the SEC’s reply brief, which is due later today, May 6. The community is buzzing with excitement and guesses.
As the court battle between Ripple and the SEC drags on, an unknown XRP whale using the wallet address “r4wf7…h4Rzn” has shocked the market by sending a large amount of XRP. Whale Alert says that the whale sent 28.24 million XRP tokens to the Bitstamp market, which are worth about $14.94 million.
Notably, this latest move comes after a number of large XRP transfers to centralized exchanges by the same “whale” in the past few weeks, which have led to a lot of speculation about why these transactions are happening. To put it another way, the mysterious whale’s rapid movement of millions of XRP has led to a lot of guesses in the cryptocurrency community.Â
Some experts see the transfer as a strategic selloff, which could mean that people don’t trust XRP’s future because of the ongoing legal uncertainty. Others think it may be part of Ripple’s larger strategy for managing liquidity.
While investors eagerly await the SEC’s soon-to-be-released reply brief, tensions rise as they wait for possible market-moving discoveries. The SEC has to file the reply brief by May 6 and a redacted version by May 8.
This is a very important date. This comes after Ripple asked the SEC to remove expert testimony from its opening brief on remedies, which made the legal battle between the two sides even more heated.
In its motion, Ripple argued against including testimony from Andrea Fox, saying that the SEC had not told them who she was or what she had to say during discovery connected to remedies. The SEC, on the other hand, said that Fox was only a brief witness and wasn’t required to give any information during discovery.Â
In particular, Ripple’s reply brief pointed out that the SEC had not responded to relevant cases mentioned in its motion, which showed how contentious the legal dispute was. Talk about the XRP case, on the other hand, exploded after lawyers said Ripple might lose.
To give you some background, pro-XRP lawyer Bill Morgan said Ripple might lose the motion because he thought the judge would accept Fox’s expert proof.
Also, Attorney Jeremy Hogan said the same thing, saying that Ripple was likely to lose and then be deposed. Hogan stressed how unusual his position was, which meant that Ripple was likely to depose Fox, even if the court thought of him as a “expert.”
Even though there was a recent drop, the price of XRP rose 2.59% to $0.5436 at the time of writing. The crypto has gained almost 9% in the last week, which is part of a turnaround in the crypto market as a whole.
