Ripple price climbs higher as the payments giant opposes SEC’s fair notice defence
- Ripple no longer relies on its fair notice defence and opposes the SEC’s motion to strike.
- Ripple’s lawyers argued that the Fife case was from a different legal circuit and not legally binding in a New York district court.
- Analysts have predicted a continuation of Ripple’s uptrend after the payments giant filed a response to the SEC.
The payments giant has opposed the US-based regulator’s fair notice defense. The altcoin’s price has posted over 4% gains over the past 24 hours.
Ripple price could continue its climb after the giant’s new filing
The payment giant responded to the Securities & Exchange Commission’s (SEC’s) supplemental authority. Ripple’s lawyers filed a motion to strike the fair notice defense. The SEC cited the out-of-circuit decision in the case against Fife.
Defendants have argued that the case was from a different legal circuit therefore not legally binding in the New York court.
Ripple’s lawyers have argued against the usage of the term “investment contract.” The payments giant has argued that the Fife case is not relevant to the SEC’s allegations against Ripple.
James K. Filan, a defense lawyer and Ripple proponent, recently tweeted about Ripple’s response to the SEC.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple has filed its response to the SEC's Notice of Supplemental Authority regarding the SEC's Motion to Strike the Fair Notice Defense. pic.twitter.com/1QJywlLhcd
— James K. Filan (@FilanLaw) January 10, 2022
XRP holders argue against the SEC’s allegations. Since the SEC labeled Ripple’s sales in the secondary market as the sale of securities. John Deaton, an XRP proponent, tweeted about the same:
I filed an action against the SEC 9 days after the enforcement action against @Ripple, not because they sued Ripple but because the SEC was claiming all XRP are securities even XRP traded in the secondary market independent of Ripple - RETROACTIVELY- going back 7.5 years.
— John E Deaton (@JohnEDeaton1) January 10, 2022
The new filing by Ripple states:
Fife does not support the SEC’s motion to strike Ripple’s affirmative defense that it lacked adequate notice that XRP is an investment contract.
FXStreet analysts have evaluated the Ripple price trend and predicted that the altcoin’s price is ready to bounce to $0.96.
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.
