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XRP Investors Should Know News from Ripple Case

Ripple is trying to get exhibits and expert testimony stricken from the court hearings in its ongoing case against the SEC.

Ripple Labs

They filed a motion to strike testimony that came from Andrea Fox, who is the accountant for the SEC Enforcement Division. Their Motion to Strike was filed on April 22nd and said that Fox’s testimony should not be allowed to factor into the case because her testimony and her identity were not revealed by the SEC during the discovery period.

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The SEC fought back, classifying Fox a summary witness and arguing that witnesses of that kind to not need to give their full testimony during discovery. According to legal precedent, summary witnesses are exempt from some discovery rules because their job is only to provide a summary of evidence that is already known.

Ripple says that Fox did not summarize the company’s financial statements and that Ripple’s lawyers did not get the opportunity to depose her.

How Is XRP Faring during the Battle?

On Thursday, Ripple’s coin XRP climbed 0.31% and another 0.5% on Friday. The coin is now at $0.527 (XRP/USD), which is about even for where the coin has been for the past few weeks.

XRP took a sharp drop on April 12th and has remained low since then. The coin has struggled with public scrutiny in the face of the court case, which is likely to end with massive fines for Ripple due to illegal securities trading. How much Ripple will have to pay will be decided after May 6th, and the court will need to decide on whether to place restrictions on Ripple’s sales activity. That is the date set for the SEC’s decision on remedies to be paid by Ripple.





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Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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