Ripple

SEC Filing Enrage Ripple For A Strike Back ! XRP Price Reattempt To Hit $1 in Coming Week!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Mar 19, 2022

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  The folks actively pursuing the industry’s biggest lawsuit, which revolves around Ripple and the SEC. Have been keen on the developments of the lawsuit. That has been giving interim impetus to the price action of XRP. Successively, the legal brawl now finds another twist. As the plaintiffs file a motion in response to Ripple’s motion to strike the Metz supplemental report.

The filing made by the SEC, receives backlash and criticism from advocates, proponents, and the XRP army, citing irrational accusations. Consequently, folks from the XRP army are now keen on the move by defendants “Ripple”. Whilst they wait for constructive developments on XRP price, in view of an approaching new week. 

Also Read : Ripple’s XRP Price Primed to Range High by 23% to Hit $1

The SEC To Collar Ripple’s Stance On The Metz Report?

  The Ripple SEC case has come across another development. This comes after the defendants had filed an appeal requesting an extension of time until the 21st of March. To respond to the SEC’s claims, of Judge Torres’s ruling around Hinman and Estabrook notes. 

Coming to the recent filing, brought to notice by Defense Lawyer James K. Filan. The SEC has filed its response to Ripple’s motion to strike the Dr. Metz supplemental expert report. The plaintiffs cite that Ripple’s motion should be denied, for reasons cited below.

The first reason cites that the motion seeks to preclude Dr. Metz from offering certain expert opinions in the matter. The second says the defendant’s motion is an attempt to attain an unfair advantage. And that the defendants want two of their rebuttal experts to be able to criticize Metz methodology. The third says Metz report is not an appropriate sanction under Fed. R. Civ. P. 26 and 37. 

There Is More To The SEC’s Claims?

  The filing demands that the defendants should not be allowed to ignore Judge Torres’s ruling governing motions to exclude expert testimony. In addition, to preclude Dr. Metz from testifying about his statistical analysis of the economic significance of Ripple’s new announcements. And that Dr. Metz’s supplemental opinions should not be stricken or precluded. 

Conversely, advocates, proponents, and the folks from the XRP army have been criticizing the move by the SEC. Citing the claims to be repetitive, and that it wrongly accuses Ripple of failing to follow proper procedures. Whereas, it was a failure at the SEC’s end.

XRP Price Trajectory

  XRP price at the time of press is changing hands at $0.813 with gains of $3.4%. Whilst the market cap is hovering around $39,151,223,112. The volume of trades for around the clock is up 21.43% at $2,121,596,772. XRP price has been ranging in the 24-hour bandwidth from the lows of $0.7793 to the highs of $0.8216.

Whilst the price trends over the week have gone through a treacherous phase. Amidst FED’s rate hike anxiety, Europe’s views around digital assets, amongst others. The price of the digital asset remains 13.5% higher over the fortnight.

Summing up, the win from the court’s denial to the SEC’s motion to strike Ripple from fair notice defense. Has made way to faith in the community, which did help the price of XRP sustain up a notch. That said, a notable comeback from the defendants in the lawsuit holds the potential to uplift the price. Which we can expect following the recent happenings in the legal brawl. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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