- Increased litigation activity between the U.S. Securities and Exchange Commission (SEC) and Ripple has sparked investor interest in XRP this week.
- XRP experienced significant volatility and consecutive profits for three days, with a 4.52% gain on Friday.
- Despite Ripple’s opposition filing, the court might allow the firm to depose Andrea Fox, the SEC’s enforcement accountant.
As the SEC and Ripple continue their legal battle, investor interest in XRP grows. This article explores the recent developments in the case and their impact on XRP’s market performance.
Ripple vs. SEC: A Battle of Motions and Countermotions
The ongoing case between the SEC and Ripple has seen both parties engage in a flurry of motions and countermotions. Ripple’s “Motion to Strike” sought to discount the testimony and exhibit from Andrea Fox, the SEC’s enforcement accountant. The fintech firm argued that the late inclusion of new expert materials was one of the reasons for its motion. The SEC countered this by stating that Fox’s testimony did not amount to the inclusion of new expert material and asked the court to strike out Ripple’s motion.
Investor Interest and XRP’s Market Performance
The legal tussle has rekindled investor interest in XRP, leading to notable volatility in the altcoin’s market performance. TradingView data shows that XRP gained 4.52% on Friday, moving from a daily low of $0.51459 to a high of $0.53683. This price movement concluded a busy week for the altcoin, which saw consecutive profits for three days.
Future Outlook: Ripple’s Potential Deposition of Andrea Fox
Despite the SEC’s opposition, Ripple has filed an opposing motion, pleading with the court not to entertain the SEC’s filing. Crypto lawyer Bill Morgan does not foresee the court granting Ripple’s Motion to Strike. However, he predicts that the Judge may allow Ripple to depose Fox based on some expert evidence she provided. This development could potentially inject further volatility into XRP’s market performance.
Conclusion
As the SEC and Ripple continue their legal battle, the outcome remains uncertain. However, the case has undoubtedly sparked renewed investor interest in XRP, leading to significant market volatility. The potential deposition of Andrea Fox could further impact XRP’s market performance. Investors and stakeholders in the crypto space are keenly watching the developments, anticipating a conclusive end to the litigation soon.
