SEC v. Ripple: Defendants and regulator in conflict over expert reports
- Ripple's lawyers have criticized the SEC's extreme position on keeping the names of experts and any substantive criticism of their reports out of public view.
- The payment giant's lawyers argued that the SEC's attempt to shield the identities and opinions of experts from public scrutiny is not backed by evidence.
- Analysts have predicted a continuation of the XRP price downtrend to the next support level at $0.24.
The SEC and payment giant Ripple are embroiled in a battle over the regulator's motion to exclude expert testimony and keep it out of public scrutiny. Defendants believe the regulator's position is extreme and unsupported by evidence.
Daubert motions to be filed on July 12
A Daubert motion is a type of motion that seeks to exclude the presentation of an expert's testimony to a jury. In the SEC v. Ripple case, the parties are scheduled to file their Daubert motions on July 12. The defendant argued that the SEC had taken an extreme position in excluding the names of experts and their substantive criticism of reports and keeping them out of public scrutiny.
According to Ripple's lawyers at Debevoise & Plimpton, the SEC's attempt to shield the identities and opinions of experts from public scrutiny is unprecedented and unsupported by evidence of need. Lawyers argue that the SEC is abusing the Protective Order to prevent criticism of its experts from reaching the public.
One of SEC's expert reports is based on a review of public open-source code with no conceivable confidentiality. Ripple's lawyers have requested the court expedite the resolution of the issue.
What this means for Ripple
In an interview, Brad Garlinghouse told the crypto community that the payment giant Ripple is operating under the assumption that the firm has lost its battle with the SEC. Garlinghouse stressed how Ripple would leave the US with a negative outcome of the SEC v. Ripple lawsuit.
The SEC v. Ripple lawsuit has dragged on since December 2020, adversely impacting the XRP community of holders and the asset's price. XRP price is more than 90.5% away from its all-time high of $3.40.
Analysts predict bloodbath in XRP
Grizzly, a pseudonymous crypto analyst, evaluated the Ripple price trend and argued that the deep crash in recent months has made it a challenge for XRP to overcome resistance. A breakdown of $0.30 could push XRP to support at $0.24.
FXStreet analysts identified key reasons why the Bitcoin bear takeover foiled XRP's bullish plan. For key price levels, check the video:
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.
