Ripple vs SEC: XRP Price Defies Market Downturn with 6.1% Surge

In the rollercoaster world of cryptocurrencies, XRP is standing tall, keeping its foothold firm at the critical $0.50 level, a crucial line of defense against further market dips.

Despite bearish market conditions, XRP has surged by 6.1%, driven by substantial buying activity from derivatives traders ahead of Ripple’s impending reply to the SEC’s opposition.

What is to come? Read on.

SEC Opposes Ripple’s Motion

In the legal tug-of-war between Ripple and the SEC, a pivotal moment arises as the SEC challenges Ripple’s bid to invalidate Andrea Fox’s declaration, commonly known as the Fox Declaration.

The SEC argues that the Fox Declaration lacks the credentials of an expert report, dismissing it as a mere crunching of numbers from Ripple’s financial records.

“It’s not an expert report, does not rely on specialized experience, and does not render any opinions at all, let alone an “expert” one. Nor does it present the testimony of a percipient witness. Rather, it applies basic arithmetic to Ripple’s financial records to streamline the presentation of the evidence to Judge Torres… The court should deny Ripple’s motion,

Meanwhile, Pro-XRP lawyer Bill Morgan has criticized the SEC’s position, suggesting it is insufficient to justify substantial penalties or disgorgement.

Ripple’s Deadline Is Here

However, Judge Sarah Netburn has issued a scheduling order regarding Ripple Labs’ motion to strike new expert materials submitted by the SEC, which seeks remedies and final judgment totaling nearly $2 billion in penalties.

Ripple is expected to file its reply within three business days following the SEC’s opposition on April 29. On the other hand, Ripple is expected to request Judge Netburn to strike the Fox Declaration because of its late submission. 

Despite the SEC’s denial, Ripple’s legal team remains resolute in challenging the substance and relevance of the Fox Declaration, particularly regarding alleged financial harm suffered by institutional buyers.

Upcoming SEC Response

Perhaps, the SEC is set to file a reply on May 6 to Ripple’s claim that the total penalties, considering Torres’ ruling on XRP institutional sales, do not exceed $10 million. This development adds another layer of anticipation and uncertainty to the legal proceedings.

XRP Price Action

As of now, XRP’s price surged over 6.1% in the past 24 hours, currently trading above $0.512 with a market cap of $28.4 Billion. 

During the market sell-off, XRP has seen considerable buying interest after Ripple’s move to lock 800 million XRP in escrow, reducing circulating supply in three separate allocations: 100 million, 200 million, and 500 million.

Additionally, Ripple’s transfer of 60 million XRP to an unknown wallet has sparked speculation within the XRP community. Notably, the derivatives market has witnessed significant buying activity, with XRP futures open interest exceeding $1.42 billion XRP.

Also Check Out: Ripple’s Monthly Locking Of 800M XRP Coins Took Place, Amid XRP Price Surge