- A magistrate judge sided with the SEC, mandating Ripple to disclose financial records linked to 2020 XRP sales.
- SEC's objective is to bolster its argument that the XRP sales breach securities regulations.
- Ripple contests the relevance of the documents and asserts that the timeframe for their acquisition has lapsed.
- Analyst Ali foresees an XRP surge, citing the TD Sequential indicator and projecting an 80-100% price surge in February.
In a recent update on the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple, a New York Judge has sided with the SEC, directing Ripple to furnish financial documents and other relevant information pertaining to the sale of XRP tokens by Brad Garlinghouse and Chris Larsen in 2020.
This development follows a partial victory for Ripple last July, when Judge Analisa Torres ruled that XRP sales were not securities as claimed by the SEC. However, the current ruling seeks to ascertain whether the XRP sales in question violated securities regulations.
The SEC's request encompasses financial statements for 2022 and 2023, alongside all contracts and agreements surrounding the XRP token sales. This move is aimed at bolstering the SEC's assertions and aiding Judge Torres in determining the appropriate legal actions.
Additionally, the SEC aims to evaluate whether Ripple should face sanctions and civil penalties for its conduct since the legal dispute commenced in 2022.
Ripple has contested the SEC's demands, labeling them as irrelevant and burdensome. The company argues that the SEC's pursuit of extraneous material is unnecessary, asserting that the fact-finding deadline has already passed.
In a recent development, Magistrate Judge Sarah Netburn has mandated Ripple to comply with the SEC's request, underscoring the court's commitment to thorough examination to facilitate informed decisions regarding potential civil penalties against Ripple.
The outcome of this legal confrontation holds significant implications for the broader cryptocurrency market. A ruling that the institutional XRP sales breached securities laws could trigger substantial market reactions, potentially impacting not only XRP but also the wider market sentiment.
As the legal proceedings unfold, industry observers are closely monitoring developments, keen to discern the future regulatory landscape for the cryptocurrency industry.
Meanwhile, amidst these legal maneuvers, speculation mounts regarding the trajectory of XRP's price. Renowned analyst Ali Martinez suggests that XRP may be on the verge of an upward surge, potentially lasting one to four weeks, based on signals from the TD sequential indicator.
However, it's essential to exercise caution and conduct thorough research before making any financial decisions regarding cryptocurrencies, given their inherent volatility. Voice of Crypto aims to provide accurate and timely information, but readers are encouraged to verify facts independently.
