XRP Sees Severe Price Volatility During Ripple vs. SEC

December 1, 2022

XRP, the native token of the crypto exchange Ripple Labs, has come under great pressure as the court filings of the SEC and Ripple are being focused on. On Wednesday, a rise of up to 2.43% took place in the price of XRP. After a 2.36% elevation on Tuesday, the token stood at $0.40786. It is noteworthy that the figure of $0.40 is been achieved by Ripple’s native token for the initial time during the previous 5 sessions.

XRP Price Becomes More Volatile as SEC’s Lawsuit against Ripple Nears a Conclusion

Nonetheless, after that, the price witnessed a decline and dropped from its initial prominent resistance level (R1) – at nearly $0.4069. Then, it slid further down to $0.39288. The center of attention, in this case, would be the updates on the ongoing lawsuit between the SEC and Ripple. The US regulator and the crypto exchange submitted their responses to the allegations leveled by the opponents on Wednesday. These filings are to be considered in the case of the Summary Judgment.

According to the schedule of the court, the respective filings are sealed. The filings’ redacted version will be available to the common masses on the 5^th of December 2022. But, James Filan (the defense attorney) mentioned that the parties have the right to provide the redacted version shortly. The attorney additionally noted 3 prominent issues, taking into account the Hinman documents, the sealing-related problems dealing with the expert reports, as well as the rest of the materials.

Filan is of the view that a separate ruling will not be issued by Judge Torres on the sealings. As per him, any documents on which she depends for the ruling are to be categorized as judicial documents. Thus, he added, they should be made available to the common masses. The opinion of the attorney is in line with the others who consider that the securities regulator will eventually settle the case if the documents related to Hinman’s speech are referred to by the defendants in the reply briefs for the summary judgment.

SEC Remains Ineffective in Covering the Documents Linked to the Famous Speech of Hinman

In William Hinman’s 2018 speech, he stated that Ethereum and Bitcoin do not come under the category of securities. During the lawsuit, the Securities and Exchange Commission of the United States has been frequently ineffective in its attempt to cover the documents dealing with the respective speech.