Ripple lawsuit: “The day is finally here” as XRP records 5% spike in recent hours
XRP printed a huge green candle on its hourly chart following news that the Ripple Summary Decision Summary is now available to the public. XRP suddenly surged 5% within an hour amid rising expectations in the Ripple lawsuit.
Although it has pared some of its hourly gains, XRP remains up 8.33% in the last 24 hours and 7.43% against the background of several crypto assets, which were mostly trading flat at press time. XRP is presently trading at $0.38 after reaching intraday highs of $0.394. A successful close above $0.365 would mark XRP’s third straight day of positive gains.
Optimism also spread to Ripple’s rival, Stellar (XLM), which is up 5.86% in the past 24 hours.
According to Ripple General Counsel, Stuart Alderoty, “The day is finally here” as the Ripple-SEC motion for summary judgment is public. The motions were expected Monday, Sept. 19, so they came quite earlier.
Aldrotti shares his hot take on the summary judgment brief. “After two years of litigation, the SEC is unable to identify any contracts for investment (that’s what the law requires) and cannot satisfy a single prong of the Supreme Court’s Howe trial. Everything else is just noise. . Congress only gave jurisdiction to SEC securities. Let’s go back to what the law says,” he said in a source in the tweet.
The briefs have elicited several responses from the community. Attorney Jeremy Hogan commented, “I just read the briefs and the SEC has got a couple of big problems: Its expert agrees that most of the changes in XRP price are due to market forces (and not Ripple).”
He further added, “The SEC failed to record that any XRP buyers heard Ripple’s alleged marketing pitch; there is a huge problem because there is a burden to prove everything here.”
Fred Rispoli, a law expert much interested in the Ripple case, says, “This will take hours to really dive into, but skimming through SEC’s brief, unsurprisingly it is relying heavily on marketing efforts. While this is the weakest point for Ripple, I just don’t think it is close to being weak enough to give SEC the win.”
“I think the only winning argument from the SEC is related to Ripple marketing XRP. But zooming out of this tree and looking at the jungle is not enough to win the SEC,” Rispoli said.
An XRP community member, however, believes there is no winning argument from the SEC since its expert concludes that XRP price movement comes from major market movements and not from Ripple marketing efforts.
further dates
Ripple has about a month to file an opposition to the proposal, and a brief description of the opposition is expected by October 18. Responses to these are expected by November 15, by which time all briefings will be completed and Judge Torres’ final decision will be awaited.
On or before March 31, 2023, James K. Filan predicts that Judge Torres will decide simultaneously on expert motions and summary judgment.
