Ripple Vs. SEC Update: Price Surges 4% Amid Derivatives Market Surge Ahead of Ripple’s Response To SEC’s Opposition On Expert Witness Strike

In the ongoing battle between Ripple and the SEC, the XRP price saw a notable 4% increase, bucking the trend of a broader cryptocurrency market crash. 

This unexpected increase is met with appreciation from the XRP community. The impending filing of Ripple’s response marks a pivotal moment in the lawsuit, especially after the SEC challenged Ripple’s motion to dismiss Andrea Fox’s declaration (Fox Declaration).

The SEC contends that the Fox Declaration serves as a summary of XRP institutional sales rather than an expert report. Furthermore, the SEC asserts that it qualifies as permissible summary evidence under the law, akin to the previously filed Ferrante Declaration. Nevertheless, Ripple is expected to challenge the incorporation of pecuniary harm stemming from the declaration. 

Judge Sarah Netburn issued a scheduling order about Ripple’s motion to strike newly submitted expert materials by the SEC. These materials were presented to boost the SEC’s claims for remedies and a final judgment, seeking nearly $2 billion in penalties from Ripple. 

As required, Ripple is expected to submit its response within three business days following the SEC’s opposition on April 29. Lawyers asserted that the SEC’s counterarguments were forceful but Ripple’s stance remains pertinent if it did not challenge the summary of financial records. 

The SEC is expected to submit a response on May 6 on Ripple’s assertion that the total penalties, do not surpass $10 million.

Meanwhile, the XRP price witnessed a 4% surge following Ripple’s decision to lock 800 million XRP in escrow that aims to reduce the circulating supply. 

In addition, Ripple transferred 60 million XRP to an undisclosed wallet, sparking discussions within the XRP community. Furthermore, a breakout occurred above the descending channel, propelling the XRP price above the crucial support level of $0.50. At this time of writing, XRP is trading at $0.51.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

Japan's Crypto Market Grows Up, and Institutions Are Starting to Pay Attention

20 hours ago

Save

Mastercard Teams Up with Ripple to Power Next-Gen Digital Payments

22 hours ago

Save

Mastercard and Ripple Join Forces With 85 Giants to Rewire Global Payments

23 hours ago

Save