- Coinbase filed a request to support Ripple in its lawsuit against the US Securities & Exchange Commission.
- Coinbase’s chief legal officer tweeted that the exchange extended a plea to Judge Torres to file for an amicus curiae brief.
- Analysts predict XRP price rally to $0.50 level as SEC v. Ripple legal battle draws to a close.
The SEC v. Ripple legal battle got more intense as crypto exchange Coinbase requested permission from judge Analisa Torres to file an amicus curiae brief. The exchange has joined a trade group and other groups in arguing that the Securities & Exchange Commission (SEC)’s case threatens the broader industry.
Also read: Can launch of Shiba Eternity players guide trigger a 50% rally for SHIB?
Coinbase vouches for Ripple in legal battle against the US SEC
Coinbase, one of the largest cryptocurrency exchanges by trade volume, has joined groups arguing that the US SEC’s case against Ripple threatens the crypto industry.
The exchange platform has joined the long list of Ripple’s allies and filed a plea with Judge Analisa Torres asking to file an amicus curiae brief. The leading platform plans to support Ripple’s case against the SEC’s allegations that the payment giant made an unregistered sale of XRP tokens.
The SEC argues that Ripple violated securities laws and considers XRP a security. However, this is a matter of intense debate as more blockchain groups and crypto organizations come out in favor of the payment giant. Experts believe that the SEC v. Ripple battle could end as early as the first half of 2023.
Paul Grewal, Coinbase’s chief legal officer, said in a series of tweets on October 31 that the exchange had asked the presiding judge for permission to file an amicus brief. Grewal argued that the case is a “textbook” definition of “just how critical fair notice is.”
Coinbase requests Judge Torres for permission to file amicus curiae brief
Coinbase’s filing reads:
Given the absence of SEC rulemaking for the cryptocurrency industry, the question of whether the SEC has given fair notice before bringing an enforcement action against sales of one of the thousands of unique digital assets will often be highly fact-intensive, which makes it particularly ill-suited for adjudication on summary judgment.
The exchange acknowledges that Ripple and others who have been subjected to extensive regulation by enforcement are alone in the fight. Despite intense scrutiny of Ripple, identical products or services in the industry have been subject to no such thing. This highlights the damage caused by legal action to the crypto industry overall.
What happens next?
Once or if Judge Torres approves Coinbase’s request, the exchange will join crypto application SpendTheBits and non-profit organization Investor Choice Advocates Network in filing an amicus curiae brief. These platforms have received approval for filing similar briefs and stand with Ripple in the last leg of its defense against the SEC’s allegations.
XRP price to continue its onward march
Several analysts have evaluated the XRP/USD price trend and noted that the altcoin’s price has remained largely unchanged over the past month. Gains made by XRP holders were wiped out with the recent decline in the altcoin’s price.
Azeez Mustapha, a leading crypto analyst, argues that bulls are attempting a takeover of XRP price. After crossing key resistance at $0.45, XRP price is likely to march toward the next target of $0.47 and $0.50.
XRP/USD price chart
However, if sellers dominate, bearish pressure may result in the breakdown of support at $0.43. XRP price could nosedive to the $0.39 and $0.36 support levels if the decline persists.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Why Solana, XRP, Dogecoin and BNB are crashing?
Solana (SOL), XRP, Dogecoin (DOGE) and Binance Coin (BNB) decline on Tuesday. Top altcoins ranked by market capitalization are in a downward trend, even though Bitcoin (BTC) continues to consolidate around the $95,000 level.

Bitcoin Price Forecast: BTC consolidates as options market awaits policy clarity
Bitcoin (BTC) has been consolidating between $94,000 and $100,000 for nearly two weeks, with reports from Bitfinex indicating increased macro-correlation and maturity as a risk asset.

Real-World Assets outperform the AI sector in the crypto market over the past month
Real-World Assets (RWAs) outperformed the Artificial Intelligence (AI) sector in the crypto market over the past month, with a weighted average gain of 15.6% in January.

Storj Price Forecast: Bulls aiming for double-digit gains
Storj (STORJ), an open-source platform that leverages the blockchain to provide end-to-end encrypted cloud storage services, continues to trade higher by 4.4%, around $0.39 on Tuesday after rallying 5% the previous day.

Bitcoin: BTC consolidates before a big move
Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.