Ripple

XRP Primed for a 10% Downswing! Court Denies Ripple’s Motion to Quash SEC’s Expert’s Report!

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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Apr 20, 2022

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Highlights

    SEC faced a minor victory as the court allows its expert to produce report that may impact the case to some extent

    XRP price fails to materialize a strong uptrend as the price continues to hover below the crucial support

Judge NetBurn Allows SEC to Re-Depose

An SEC expert, Dr Albert Metz had concluded earlier that Ripple Lab is able to influence the XRP price with various announcements and news. And hence SEC is now keen on the report filed by the expert that can tackle the company. Therefore, Ripple had filed a motion to strike the supplemental report filed by the SEC expert. However, Judge Netburn denied the motion filed by the company and also extended the deadline for discovery until May 13, 2022. 

Defence lawyer James Filan shared the ruling of the court disallowing the motion to stop SEC from filing the supplementary report. 

The lawyer also mentioned that the court also criticized the SEC’s move of filing the report on the last day of discovery. Moreover, SEC also said the report to be unauthorized and improperly conducted but also declined to strike off the Dr Metz report. With the recent update, the XRP community appears to be pretty annoyed due to the slow progress and constant delays in judgment.  

XRP Price Analysis

The updates of the Ripple vs SEC case do not serve any major impact on the price nowadays but surely restricted the price to barge in through the pivotal levels. While the bullish trend is outspread within the crypto space, the XRP price opts to remain within the consolidated range. Moreover, it failed miserably to slice through the immediate resistance, showcasing a huge possibility of retesting the lower support in a short while from now. 

xrpprice

The XRP price since the February flip was trending within a notable ascending triangle. But the recent market slash dragged the price below the lower support. And moreover, the price failed to re-enter the triangle which could have stabilized a healthy uptrend. And hence after the recent rejection, the possibility of the asset hitting the lower support at $0.71 appears to be imminent. 

The Ripple vs SEC is being prolonged to a large extent while the court offers every chance for the agency to prove Ripple wrong. And hence sidelining the popular crypto asset from the market variations as many traders still appear to be a little uncertain.

However, the Attorney representing XRP holders, John Deaton believes the case could be wrapped up in the coming 90 days. And hence a significant upswing may be expected with the XRP price.  

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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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