The latest developments in the Ripple and SEC lawsuits, could XRP still provide an opportunity for investors to profit?
In a letter to Court Judge Sarah Netburn, Ripple lawyers wrote that the Bitcoin and Ethereum-related documents were indeed relevant to the case, contradicting the Securities Commission’s arguments and US Exchange. During its investigation, Ripple generated 303,000 pages of documents and is currently reviewing another 75,000 as requested by the SEC.
Ripple is seeking evidence that the SEC has contributed to “marketplace confusion” about XRP
Ripple agrees to provide only 153 documents requested by Ripple:
“The burden of complying with Defendants’ requests is hardly unusual for a critical issue in a case of this significance, particularly when compared to the discovery requests made by the SEC.”
The CEC has argued that Bitcoin and Ethereum documents are not involved in the litigation process, pointing to court rulings in previous high-profile cases such as Telegram and Kik.
Ripple insists that the judge cannot simply accept the SEC say-so, and it is seeking evidence that the agency’s too widespread marketplace confusion regarding XRP:
“Defendants instead seek documents that reflect, either directly or using internal communications as a proxy, how XRP was viewed in the marketplace. The SEC cannot deny that the agency is a focal point for requests for regulatory guidance as to whether XRP was a security.”
The company’s lawyers claim that the SEC allegedly couldn’t reach consensus regarding the token’s security status in October 2020, just two months before filing the lawsuit, when it told a retail XRP investor that no determination had been made:
“Accordingly, if its internal documents disclose (as they undoubtedly will) that the SEC itself could not reach a consensus about when a digital currency is a security and when it is not, it can hardly claim that market participants were in a superior position to know what the law requires.”
In the previous legal letter, the SEC stated that it had no obligation to warn market participants of XRP’s regulatory status during a non-public investigation.
Ripple compel the SEC to produce documentation on BTC and Ether has been announced
Researcher Leonidas Hadjiloizou, who often shares data regarding Ripple and XRP, has tweeted that the court has yielded to Ripple’s request to compel the securities regulator, the SEC, to produce documentation regarding why it approved Bitcoin and Ethereum as non-securities. Ripple also insisted that the SEC must show them other relevant documents about the XRP case.
The U.S. District Court of the Southern District of New York has announced the date of the discovery conference that will take place via telephone to discuss the joint motion of the defendants.
The request to compel the SEC to produce the aforementioned documentation came from the lawyers that represent Ripple Labs, cofounder Chris Larsen and CEO Garlinghouse.
Sarah Netburn, the U.S. Magistrate Judge, has ruled that, on Tuesday, April 6, at 2:00 p.m., Ripple Labs and the SEC will take part in a discovery conference via telephone to address Ripple’s demand that the SEC produce documents relevant to the XRP case.
These documents were mentioned by Leonidas Hadjiloizou in his tweet: documentation regarding the status of Bitcoin and Ethereum as non-securities, internal communications of the SEC regarding the legal status of XRP, and documents about ten additional custodians.
Telephonic discovery conference scheduled for Tuesday, April 6, to discuss the Defendants’ joint motion to compel (documents on BTC/ETH, internal SEC communications regarding XRP status, documents regarding 10 additional custodians)
Reminder: Recording (video or audio) forbidden pic.twitter.com/nUdceEG9hB
— Leonidas Hadjiloizou (@LeoHadjiloizou) March 25, 2021
When the requests about these documents were made, Ripple representatives insisted that the SEC was keeping evidence to itself that would prove that the SEC had told crypto exchanges that XRP was not a security. When the requests about these documents were made, Ripple representatives insisted that the SEC was keeping evidence to itself that would prove that the SEC had told crypto exchanges that XRP was not a security.
Despite the turmoil with the SEC’s legal case against Ripple, XRP has been holding relatively well on the market. At press time, XRP is trading around at $ 0.5, dropped to 11% in the last 24 hours.
XRP could provide an opportunity for investors to profit
The on-chain analyst Ali Martinez explained how XRP could provide an opportunity for investors to profit.
Besides, Santiment pointed out that XRP has been getting more attention on social media platforms:
$XRP has been a steady presence on our emerging trends page, with its rise in discussion following a possible #SEC settlement. Additionally, #buythedip calls have been rising for $BTC, and $DENT has exploded in both price and conversations! https://t.co/TBuUIY8DJt pic.twitter.com/Sp4Jwb3KSv
— Santiment (@santimentfeed) March 23, 2021
Martinez says that according to the 30-day Market Value to Realised Value (MVRV) ratio, which apparently recently dropped to -0.91%, this might be a good time to buy XRP.
Furthermore, according to him, over the past week, roughly 15 new whales have joined the network.
$XRP whales seem to be back in accumulation mode. @santimentfeed shows that the number of addresses holding more than 10 million #XRP tokens has risen by 4.90% over the past week.
Roughly 15 new whales have joined the network within such a short period. pic.twitter.com/T3UWYqPcH6
— Ali Martinez (@satoshilatino) March 25, 2021
You can see the XRP price here.
Read more:
- SEC Rejected A Request To Produce Documents Related To Bitcoin And Ethereum In The Lawsuit Against Ripple
- XRP Army Launched Viral Campaign “Relist XRP” On Social Media To Make Top Exchanges Reconsider Token Delisting