- Ripple has recently submitted a reply letter supporting its Motion to Seal documents related to the SEC’s Motion for Judgment and Remedies.
- Pro-XRP lawyer Bill Morgan addressed the FUD surrounding XRP ODL sales, reinforcing Ripple’s stance in the ongoing lawsuit.
- Morgan emphasized that Ripple does not offer price discounts to ODL customers, debunking claims that these sales negatively impact XRP’s price.
Ripple’s legal battle with the SEC continues to unfold, with recent developments shedding light on the company’s defense strategies and the impact on XRP’s market dynamics.
Pro-XRP Lawyer Debunks FUD On Ripple’s XRP ODL Sales
On May 29, Ripple’s legal team submitted a response to Judge Analisa Torres, aiming to counter the SEC’s arguments in its motion for judgment. Ripple’s reply highlighted that the SEC’s arguments about the firm’s financial condition were irrelevant to the court’s determination of remedies.
In addition, the firm emphasized that its financial situation should not be a factor in the court’s analysis, noting that the company has never disputed its ability to pay any potential penalty. Meanwhile, amid this, pro-XRP lawyer Bill Morgan took to social media to debunk the FUD surrounding Ripple’s XRP sales to ODL customers.
He pointed out that Ripple does not offer price discounts to ODL customers. Notably, Morgan emphasized the update as a crucial factor that the court found relevant in deciding whether over-the-counter contracts were investment contracts.
In addition, Morgan argued that this fact debunks claims that Ripple’s sales to ODL customers negatively impact XRP’s price. Besides, Morgan highlighted that the notion of Ripple dumping on retail investors is baseless, as ODL sales have a neutral effect on XRP’s price.
A Closer Look Into The Development
In its latest filing, Ripple argued that the SEC should not have access to its sensitive financial records without substantial justification. The company pointed out that revealing such information could be unnecessary if the court decides not to consider the SEC’s purportedly crucial facts. Notably, Ripple maintained that it has a valid, commonly accepted basis for sealing its confidential financial information.
In addition, Ripple challenged the SEC’s assertion that its historical contracts are no longer relevant. The company explained that the terms of its contracts are confidential and that future counterparts could unfairly benefit from learning the specifics of past agreements.
Meanwhile, Ripple reiterated that the court had already ruled that XRP is not a security, emphasizing that the sale of XRP did not equate to the sale of investment contracts as described in the court’s summary judgment.
However, despite the update, the XRP price fell 0.92% as of writing and exchanged hands at $0.5248, down from its 24-hour high of $0.5321. On the other hand, its trading volume from yesterday rose 13% to $1.56 billion.
Conclusion
Ripple’s ongoing legal battle with the SEC continues to reveal critical insights into the company’s operations and market strategies. The recent developments underscore Ripple’s commitment to defending its position and clarifying misconceptions about its XRP sales. As the case progresses, stakeholders and investors will be keenly observing the outcomes and their implications for the broader cryptocurrency market.
