SEC v. Ripple lawsuit update: Remittance network Ripple scores another small win in court

The US Securities and Exchange Commission (SEC) v. Ripple lawsuit dragged forward with a small win in favor of the remittance company. Judge Analisa Torres ruled in favor of payment giant Ripple, allowing the firm to redact documents submitted in connection with the Daubert Motion. 

The motion is of a special kind and is used to exclude the testimony of an expert witness who does not possess the requisite level of expertise. 

Also read: XRP Price Forecast 2023: Ripple gears up for a bright future if it wins legal battle with SEC

SEC v. Ripple lawsuit makes strides in favor of the remittance network

The SEC v. Ripple lawsuit is one of the most closely scrutinized legal battles in the crypto ecosystem. Since the US financial regulator filed charges against Ripple and its executives, the court case has dragged on for nearly two years. 

The end is nowhere in sight as both parties submit a joint motion for a time extension until January 13 to file the Daubert motion and accompanying exhibits with redactions. The latest update in the legal tussle is in favor of the payment giant as presiding Judge Analisa Torres allowed the firm to preserve the privacy of involved third parties and its business, redacting documents submitted for the Daubert motion. 

The XRP community is watching the lawsuit for small wins in favor of the cross-border remittance firm, one of the largest public holders of the third-largest altcoin. While the XRP community remains bullish on the altcoin, large wallet investors continue its accumulation. 

Data from crypto intelligence tracker Santiment revealed a spike in the number of shark and whale addresses holding XRP. Accumulation has been in an uptrend, despite the ups and downs in the lawsuit filed by the US Securities and Exchange Commission. 

Addresses holding between 1 million and 10 million XRP

XRP addresses holding between 1 million and 10 million tokens have surged from 1,500 in November to 1,614. The price outlook on the altcoin is bearish for the week and bullish for Q1 2023 based on technical indicators. 

XRP price outlook is bearish for the week

Ripple’s legal counsel is defending the firm against the charges filed by the US Securities and Exchange Commission, in a long and arduous battle with the financial regulator. Despite the throes of the legal tussle, large wallet investors continued scooping up XRP. 

The long term price outlook on XRP is bullish as the altcoin forms a falling wedge on its chart. For the current week, XRP price is trading below its 50-day Exponential Moving Average (EMA). The 50-day EMA at $0.3552 is acting as resistance for the altcoin since W1 December 2022. 

XRP/USDT 4H price chart

The altcoin is close to the lower trendline forming the falling wedge and XRP is likely to find support at the weekly low, $0.3440. If XRP nosedives from this level, it could plummet to the monthly low of $0.3160.

If XRP Ledger’s native token breaks past the 50-day EMA and climbs towards the upper trendline forming the falling wedge, it would signal a trend reversal. A decisive close after breaking past the upper trendline could invalidate the bearish thesis for XRP price.