Ripple (XRP) Lawsuit: A Critical Day For XRP Holders As the Lawsuit Heats Up

07/21/2022By: C, Fiona

Summary judgment is drawing nigh in the long-running struggle between Ripple and the SEC. The District Court has evaluated the letter of redactions dated July 15, 2022, and rendered a decision on that proposal as well.

Still, the court ruled that they were singled out in order to safeguard critical goals. Copies of the SEC’s objection to the proposal were specified as something that must be supplied by all involved parties.

Prosecutor Filan claims that the unstamped copies of the amici motion must be submitted by tomorrow. The deadline for Amici to react to the SEC’s disapproval of their presence, he said, is July 25, 2022.

Responding to the SEC Tomorrow

In addition, according to Filan, the SEC has until tomorrow to submit its justification for opposing to XRP holders’ participation in the hearings. This will be followed by a response from XRP holder advocate John Deaton by Monday, July 25. The outcome of his reaction will benefit XRP investors.

Judge Torres had already ruled against the SEC’s case about Deaton’s response. After taking this step, the lawyer would have the opportunity to accuse the SEC of taking a contradictory position.

According to Deaton, the organization restricted his response time because he mislabeled the petition. Legal counsel for XRP, however, argued against compliance. Meanwhile, the court unexpectedly reached a settlement with Deaton.

XRP, Ripple’s native currency, has gained 4.4% in the last 24 hours, trading at $0.37 at press time. Yet, it is currently trading at a price that is 90% below its all-time high of $3.84. The volume of XRP trades in a day rose by 9%, to $1.5 billion.