SEC Files Reply Memorandum in Ripple Case; Find Out Possible Outcome

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In the prolonged legal battle of SEC vs. Ripple, SEC files rely on a memorandum to expedite the case and mark it as an end. As a result, XRP the 5th largest coin saw a slight decline of 0.04%, partially reversing a 0.36% gain from the previous day, ultimately closing at $0.5050. Is the SEC’s clandestine crypto regulation overstepping boundaries, provoking public outrage and transparency calls? Many also said how low Gary Gensler can go to satiate his ego. Let’s delve into SEC’s position. 

SEC’s Stance on the Memorandum? Are They Ready This Time? 

The SEC has filed a 20-page response backing its bid for an appeal in the Ripple (XRP) case. They claim it’s in the court’s and parties’ best interest to pause the case. The SEC argues that Ripple aims to drag the case on to keep selling XRP.

In its filing, the SEC wants to pause the entire case to save court and party resources. They claim Ripple’s defense doesn’t cite any Howey-related cases where interlocutory orders didn’t involve legal questions. The SEC’s case revolves around XRP’s security status, a crucial matter for the crypto market. They argue the Second Circuit often grants interlocutory review for cases with similar security-related questions.

Notably, the SEC has also referred to the SEC v. Terraform Labs case, where the presiding Judge Rakoff criticized Judge Torres’ ruling. The SEC also contended that Ripple lacks an “institutional interest in the efficient resolution of this case.”

SEC Can’t rule out the crypto damage? 

Ripple’s defense has centered on its assertion that the legal facts surrounding XRP are uncontested. The SEC claims it’s not challenging facts in the XRP case but raising legal questions. They’re seeking a pause to conserve resources, saying it won’t cause much harm to XRP investors after years of legal battles. Whereas, critics have argued that the SEC’s actions have adversely impacted XRP investors, and there is a growing call for clear crypto regulations in the United States.

XRP Price

XRP is in a state of uncertainty due to the ongoing legal battle. A ruling on the SEC’s appeal motion could impact its price, possibly dropping it below $0.48, but it hopes to avoid falling to $0.4322. Positive assessments of filings by Ripple and the SEC could bring key technical indicators into play, including the trend line and the 200-day Exponential Moving Average (EMA).