Legal tussle in SEC v. Ripple case continues, while XRP holders expect positive outcome
- Ripple calls out the SEC for neglecting over 30,000 requests for admission that would push the case toward a rapid consensus.
- The payments giant announced partnerships with Nelnet Renewable Energy and Qatar National Bank on clean energy and remittance projects, respectively.
- Analysts predict a final suppression in XRP price before the altcoin makes a massive recovery.
The SEC v. Ripple legal battle continues, and XRP holders expect a positive outcome. Ripple buried the SEC in paperwork following the recent proceedings.
Ripple turned the heat up in the SEC v. Ripple case, XRP holders now bullish
The US Securities & Exchange Commission’s (SEC) battle with Ripple has intensified over the past ten months.
The tussle started back in January 2021, and the courtroom battle dribbles on as Ripple attempts to bury the SEC in paperwork and arrive at a consensus. The SEC alleged that Ripple sold $1.38 billion worth of XRP, an unregistered security, and the payments giant is defending by stating that the sales did not constitute securities.
In the latest update, Ripple has filed a letter to Judge Netburn, a US Magistrate, calling out the SEC for neglecting their requests for admission. Ripple made 30,000 requests, of which the SEC has responded to less than 300.
Ripple’s attorneys have flagged concerns over SEC’s dismissal of requests of admission. The transcript of the proceedings reads:
That [that ROAs need responses as they relate to SEC’s previous statements] contention puts centrally at issue the express terms of more than 1,700 separate contracts. Yet the SEC now complains that it would be unduly burdensome to ‘require the SEC to review’ the contracts it alleges are unlawful securities offerings.
Since the SEC has repeatedly failed to identify contractual provisions that support the claim that the sales were “investment contracts” under the Howey Test, there is a higher likelihood of Ripple’s win, according to XRP proponents.
Ripple’s moves have convinced XRP holders that the resolution is likely to favor the payments giant. Interestingly, Ripple has lined up several partnerships, working on central bank digital currencies, remittances and clean energy, boosting its engagements and collaborations with centralized institutions.
Ripple is currently working with Qatar on a remittance project and with Bhutan’s central bank (Royal Monetary Authority of Bhutan) on their CBDC project among other notable partnerships that are underway.
FXStreet Analysts have evaluated XRP price and predicted a rally to $2 in light of the exploding on-chain activity.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
