Wednesday, February 1, 2023
HomeCrypto NewsA Tight Range of Prices Keeps XRP in Doubt Over Ripple's Case

A Tight Range of Prices Keeps XRP in Doubt Over Ripple’s Case

- Advertisement -

The price of XRP has consistently closed below $0.35 on a daily basis as it remains within a tight range.

Investor sentiment may be affected by recent developments in the US Securities and Exchange Commission’s lawsuit against Ripple. Even while the lawsuit is nearing its conclusion, it is still unclear which way it will go.

According to the most recent court schedule, both parties submitted omnibus petitions to seal papers submitted with motions for summary judgment yesterday. As it attempts to seal the Hinman documents, the SEC’s filing has generated a great deal of attention and controversy.

However, the SEC maintains its insistence that attorney-client privileges shield the records after having this claim rejected six times in 18 months by two judges. Additionally, the agency also claims that releasing the materials will prevent personnel from openly discussing policies. It also claims that the records have no impact on the court’s decision to grant a summary judgment.

Read also: Ripple Aims to Protect its Sensitive Business Information in Current Lawsuit Against the SEC

Bitcoin and Ethereum are not securities, according to William Hinman, Director of the Division of Corporation Finance at the SEC. Naturally, the lawyers for Ripple wanted to know how Hinman came to this conclusion and why XRP was treated differently. The SEC, who wants the decision-making process to remain confidential, put up a strong fight against them.

The SEC has argued that the documents are irrelevant to the lawsuit, but Ripple attorneys have claimed otherwise, and their position has grown since they obtained the documents in October. Stuart Alderoty, general counsel for Ripple, said at the time that it was worth fighting for since it might tip the balances in their favor.

Supporters of Ripple in the legal dispute are more interested than ever to discover what is included in the documents that the SEC is battling so hard to protect from being made public. Jeremy Hogan, an advocate for XRP, said he was “recurious” about the most recent SEC filing.

XRP’s opening price for the day was $0.3471. The asset momentarily reached a peak above $0.3518 but is now trading at $0.3492. In the 24 hours, it increased by 0.68%. If the SEC’s current attempt to seal the Hinman documents is unsuccessful, the asset may finally hold above $0.35 and resume its upward trajectory toward $0.40.

- Advertisement -
- Advertisment -spot_imgspot_img

Most Popular