Crypto Market News: In the wake of a renewed demand to ‘Relist XRP’ on US crypto exchanges like Coinbase, the XRP token holders await the summary judgement in the U.S. Securities and Exchange Commission (SEC) lawsuit. On the other side, the focus of majority crypto traders is now on memecoins like Pepe Coin, as the token continues to register huge growth since launch in the last three weeks. Meanwhile, amid rising regulatory pressure around the crypto market, the XRP token holder community still holds together in anticipation of the ruling from Judge Analisa Torres in the SEC lawsuit.
Also Read: Uniswap Data On PEPE Coin Reveals Real Picture Of Memecoin Craze
In recent times, the prolonged wait for the lawsuit Summary Judgement had a direct impact of the XRP price. Despite significant rise in crypto prices since January 1, 2023, the token did not see a proportionate increase.
XRP Lawyer Confident Of Community Strength
John Deaton, the attorney representing XRP token holders in the SEC lawsuit, expressed confidence that the community support will work in favor of Judge Torres’ decision. He made the comment in context of speculation on Coinbase listing XRP and Ripple’s XRPL using the token.
“I am confident (Judge) Torres recognizes the huge public interest and will act accordingly. I believe she shoots down the SEC’s crazy over broad theory but until we read the exact language no one can predict whether Coinbase or even Ripple will list XRP on their platforms immediately.”
Also Read: Terra Founder Do Kwon’s Extradition to South Korea Likely
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: Even as the crypto community awaits the summary judgment in the XRP lawsuit, an old court judgement ruling that went against the U.S. Securities and Exchange Commission (SEC) could give a lot of confidence to the XRP token holders. John Deaton, the attorney representing the more than 70,000 XRP token holders, said there could be a logical conclusion end to the lawsuit in the form of a settlement only in case if Ripple wins against the SEC.
Also Read: Barclays Predicts “Sufficiently Restrictive” FOMC Stance On Fed Rate Hike
In a recent comment, Deaton said there will not be any chance for settlement if the SEC emerges victorious in the lawsuit. Meanwhile, Ripple Labs and its executives are confident of a win for XRP.
SEC Lost A Case Overseen By Judge Analisa Torres
In an interesting finding, the US SEC lost in a lawsuit overseen by Judge Analisa Torres, who is also now in charge of the XRP Vs SEC lawsuit. In 2019, the judge ruled against the regulatory agency in the SEC v. Rio Tinto lawsuit. When the SEC appealed, the appellate Court upheld the Judge’s decision, pointed attorney Jeremy Hogan. Hence, this forms an important precedent against the SEC by the same judge overseeing the Ripple lawsuit.
Also, the SEC could face a fresh challenge some time later in 2023 if the US Supreme Court goes for abolishing the Chevron Doctrine. Earlierm CoinGape reported that the top US court agreed to consider the proposal to look into the decision making powers federal agencies gain through the Doctrine.
Also Read: Every Friday One US Bank Collapses; Who’s Next On The Bank Run?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Ripple lawsuit has come to a very crucial point; Judge Analisa Torres has granted and partially denied the defendant’s request to seal exhibits in SEC vs Ripple. Advocates believe that XRP lawsuit could become more interesting for Ripple with big rulings in the case. Attorney Jeremy Hogan, a proponent of Ripple, took to Twitter to give a major update regarding the ongoing lawsuit.
He wrote, ‘There’s only one major takeaway from this Order on the Ripple v. SEC case, Judge TORRES is getting ready to take over. The next couple of months will be very interesting with all the major rulings that are being teed up!
There’s only one major takeaway from this Order on the Ripple v. SEC case:
Judge TORRES is getting ready to take over.
The next couple months will be very interesting with all the major rulings that are being teed up! https://t.co/FLcKyMhVzF pic.twitter.com/t6CKa02qsI
— Jeremy Hogan (@attorneyjeremy1) February 3, 2022
Investors turn bullish as the XRP lawsuit takes another turn
Meanwhile, Judge Analisa Torres has ordered three documents to unseal. These are- 172-1, the notice of Brad Garlinghouse’s deposition in the SEC formal investigation, 179-4, a Chris Larsen email string, and 179-5, a Brad Garlinghouse email.
Court denied Ripple’s request to seal Legal Memos provided to Chris Larsen and briefing associated with those memos and granted Ripple’s request to file Sur-Reply to the SEC’s Motion to Strike the Fair Notice Defense tweeted Filan.
On June 7, 2021, Ripple filed the motion to submit a Sur-Reply regarding the SEC’s Motion to Strike and attached the Proposed Sur-Reply. Below is the original motion and the proposed Sur-Reply. Thanks to @freddyriz for the reminder.https://t.co/hCaSqO67lo
— James K. Filan
(@FilanLaw) February 3, 2022
John Deaton, the attorney for the XRP Holders in the case, said Judge Torres’s rulings are a great sign for his clients.
“What these rulings clearly show is that Judge Torres favors public disclosure. Ripple can’t seal certain documents (i.e., legal Memo). The same applies to the SEC. Think ahead! We may ultimately get to see the 63 Hinman emails!” John said
XRP price jumps more than 8%
XRP price has been between the price range of $0.60 and $0.63 for more than ten days. However, the coin surged more than 8% to trade at $ 0.676 at the press time.
Dark Defender, a crypto analyst, has suggested that Ripple’s XRP can go up by 30% to touch the price level of $0.90.
#XRP formed a symmetrical triangle in the 4H Chart. Please keep an eye on the $0.59 support. He wrote if this is maintained, XRP can touch $0.75 – $0.90 in 5 days.
Hi there all. #XRP formed a symmetrical triangle in the 4H Chart. Please keep an eye on the $0.59 support.
IF this is maintained, XRP can touch $0.75 – $0.90 in 5 days
Supports: $0.59, $0.51
Resistances: $0.63, $0.75Have a great weekend!#XRPCommunity#XRPArmy#Ripple pic.twitter.com/imfMW82864
— Dark Defender (@DefendDark) February 4, 2022
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
