Ripple

XRP Price Primed to Hit $1 in the Weekend, Has the Motion Fueled Ripple Price Rally?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 26, 2022

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Highlights

    Defendants file their opposition to SEC’s motion for partial reconsideration and clarification of the DPP ruling.

    Attorney Justin D. Ward files a motion to withdraw as one of Larsen’s attorneys.

   The world of cryptocurrencies has come across yet another event in Ripple’s long-standing legal brawl with the SEC. This has taken partisans of the crypto firm by storm, as a result, folks are now thrilled for future proceedings. The enthusiasm comes as the defendants file their opposition to the SEC’s motion for partial reconsideration and clarification of the DPP ruling.

In succession, the befitting reply from the defendants to the U.S SEC is being praised by the XRP army. In the interim, the price of XRP seems to have caught wind of the filing made by the defendants. As the digital asset shoots up with double-digit gains on its price chart. On the other hand, Attorney Justin D. Ward files a motion to withdraw as one of Larsen’s attorneys.

Has Ripple Now Cornered The SEC In Its Lawsuit?

  The crypto industry has arrived at a major event, Ripple’s lawsuit, which has garnered the attention of the masses. Defence lawyer James K. Filan through his social media shares the latest update in Ripple’s lawsuit. Defendants Ripple Labs, Bradley Garlinghouse, and Chris Larsen have submitted the opposition to the SEC’s motion. 

Which revolves around the partial reconsideration of and clarification of Judge Netburn’s DPP ruling from the 13th of January, 2022. The defendants in the filing cite that the SEC’s motion is an inappropriate attempt to a “do-over”. Simply because it is unhappy with the court’s order on its prior briefing. 

It is further mentioned that the SEC makes no pretence that the demanding standard for reconsideration is met. Instead, it seeks to brief an issue that has been litigated extensively for about a year. But this time around, the plaintiffs have brought in a new theory, which is in a reversal of its previous claims.

Successively, the attorneys from Ripple cite that, the SEC now argues that the speech reflected a policy process within the division of Corp. Fin. This contradicts Hinman’s sworn statement, which in the case of his personal views, violates “Title 5”. Consequently, proponents cite that, the court must accept that Hinman lied under oath if it were to accept the new thesis. 

Have Ripple Attorneys Rolled Up Their Sleeves For A Win?

  The defendants justifying their arguments cite in brief that. The motion should be denied because the SEC identifies no controlling law or facts that the court overlooked. The SEC’s reversal of position does not justify reconsideration. 

Moreover, communication about Mr Hinman’s speech is not an “Essential Link” in a policy-making process. And that even if the DPP is applied, the privilege should be overcome on the facts of this case. And as a consequence of the SEC’s litigation strategy. 

On the other hand, attorney Justin D. Ward has filed a motion to withdraw as one of Chris Larsen’s attorneys. Owing to the reason that, he is leaving the employ of Paul Weiss. Wherefore, the proceedings from the defendants will now continue to be led by Martin Flumenbaum, Michael E. Gertzman, Meredith R. Dearborn. Kristina A Bunting, and Sarah Prostiko of Paul Weiss.

Summing up, the filing made by the defendants has been one of the lawsuit’s most praised ones. The befitting comeback from Ripple has erased the gloom from the SEC being reluctant in stepping back with its DPPs. That said, the price of XRP over the previous day has portrayed impressive double-digit gains. XRP price at press time is $0.765 with gains of 10.2%, which will hopefully add on more numbers over the weekend.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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