The back and forth in the crucial lawsuit for the crypto industry continues as Ripple (defendants) moves a new motion against the US Securities and Exchange Commission (SEC). However, this development could not induce enthusiasm among the XRP army and its price.
Ripple trying to dodge the SEC’s appeal?
According to the court filings, Ripple moved a motion to file a Sur-Reply regarding the SEC’s Motion to Compel. The motion aims to set the record straight as it addresses what Ripple claims is a major misstep by the SEC. Ripple asserts the need for clarity to ensure the court makes decisions based on the right information.
Ripple’s proposed sur-reply looks into the SEC’s alleged mischaracterization while pointing out its objections. It is important to note that the ongoing matter revolves around remedies related to discovery.
The top financial watchdog is seeking additional details from Ripple. This includes audited financial statements, post-complaint Institutional Sales contracts, and specifics on XRP sales. However, the defendant’s pushback indicates ongoing friction among the parties.
This comes after Ripple’s previous wins on the ‘securities’ status of XRP sales. Experts are keeping a close eye on the matter, especially concerning institutional XRP sales. They anticipate a verdict by April 2024 over the dispute.
As the Ripple vs SEC case heads to a crucial debate, such motions rest on the court’s discretion but are often greenlit when addressing fresh points from a reply.
What’s up with the market?
On the market side, it looks like Ripple’s attempt to push SEC down seems to be failing XRP price to keep up. XRP price is down by around 19% in the last 30 days. However, it has printed red indices on all matrixes. At the same time, its competing tokens like Solana (SOL) enjoyed a great run last year.
XRP is trading at an average price of $0.51, at the press time. Its 24 hour trading volume is down by 35% to stand at $830 million. It is still the 6th largest crypto with a market cap of more than $27.7 billion. Meanwhile, it would be interesting to see what further impact the case can have on the token’s price ahead.
Dealing with the SEC lawsuit, Ripple in a recent post highlighted that it is putting efforts in order to work with financial institutions, regulators, and central banks around the world. This is being done to develop regulatory frameworks for crypto and blockchain, it added.
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