Connect with us
Active Currencies 13361
Market Cap $2,725,400,198,334.60
Bitcoin Share 49.37%
24h Market Cap Change $3.82

SEC v. Ripple: Is XRP the loser in what seems like an unending brawl?

2min Read
SEC v. Ripple: SEC motion accepted; now what can we expect from Ripple and XRP?

Share this article

The SEC vs Ripple case has taken a new turn now after the Amici Curiae brawl. The SEC’s latest move was to file for an omnibus motion to exclude or limit expert testimony. As per court documents, the Ripple team has accepted this motion under a condition.

A 120-pager plea

The regulatory watchdog SEC filed this motion on 6 July as reported by acclaimed lawyer James K. Filan in a thread. The SEC intends to file motions to exclude or limit the testimony of 10 experts who were retained by Ripple Labs. This may also include independent experts such as Christian A. Larsen and Bradley Garlinghouse.

Cited as an attempt to conserve “Judicial and SEC resources”, Ripple has accepted the motion on a condition. The condition allows them to have a similar page limit in their response to the motion. It has since been accepted by the SEC and has now been approved by Judge Torres.

The proposed 120-page limit is lesser than the proposed 15-page limit per expert. The SEC believes this limit will be sufficient for the SEC to provide their facts and further support their positions in the case.

The drama of the SEC v Ripple legal battle embarks on a new turn with this motion. Let’s see what were the implications for the XRP token.

Tumbling during a “Mini crypto relief”

The crypto market has seen a sustained resurgence in recent days after Bitcoin crossed $22,500. This feat has since uplifted the trader sentiment with most major cryptos rising. The same is not the case for XRP as it struggles to keep pace with its competitors. XRP was trading at $0.34 after a 2.8% loss over the day. This comes after a 12% dip in trading volume in the past 24 hours. The token, has however, seen a bullish resurgence of 10% over the past week to hide its past day blushes.

The MVRV (30d) also sparks a similar theme in the chart. The index value has seen a major uptick on 6 July and has since stabilized in that zone at around 5.25%. This should arrive as positive news for XRP investors with the parent company embroiled in an everlasting legal battle with American regulators.

Source: Santiment

Share

Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.