Ripple SEC News: Lawyer Debunks XRP ODL Sales FUD Amid Ripple’s SEC Reply Filing

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As a long-term crypto investor with experience in following the XRP market closely, I find the recent developments in the Ripple SEC case intriguing and reassuring at the same time. The latest filing by Ripple’s legal team and Bill Morgan’s debunking of FUD surrounding XRP ODL sales provide valuable insights into the ongoing lawsuit.

As a crypto investor following the Ripple case closely, I’m excited to share some recent developments. Ripple has responded to the SEC’s Motion for Judgment and Remedies by submitting a letter in support of sealing certain documents. This filing has caused quite a stir, particularly among XRP supporters. In response to the FUD (Fear, Uncertainty, and Doubt) surrounding XRP’s On-Demand Liquidity (ODL) sales, pro-XRP lawyer Bill Morgan recently posted an insightful article reaffirming Ripple’s position in this legal battle.

Pro-XRP Lawyer Debunks FUD On Ripple’s XRP ODL Sales

On May 29th, I, as part of Ripple’s legal team, submitted a response to Judge Analisa Torres. In our submission, we aimed to challenge the SEC’s arguments presented in its motion for judgment. We emphasized that the SEC’s focus on Ripple’s financial condition was not pertinent to the court’s decision regarding remedies.

Furthermore, the company insisted that the court should disregard its financial status in their consideration, as Ripple has never questioned its capacity to cover any resulting penalties. At the same time, Bill Morgan, an advocate for Ripple’s XRP, used social media to challenge the misinformation surrounding Ripple’s sales of XRP to ODL clients.

Morgan highlighted that Ripple doesn’t provide pricing discounts for On-Demand Liquidity (ODL) clients as a significant consideration in the court’s determination of whether over-the-counter contracts qualify as investment contracts.

As an analyst, I would rephrase Morgan’s points as follows: I also want to add that the sales Ripple makes to its ODL (On-Demand Liquidity) customers do not contribute negatively to XRP‘s price, according to Morgan’s argument. Furthermore, he emphasized that the claim of Ripple dumping on retail investors is unfounded since these sales have a neutral impact on XRP’s pricing.

I’ve grown weary of encountering false information time and again. Previously, I’ve offered compelling explanations as to why these claims lack merit.

A Closer Look Into The Development

In their recent submission to the court, Ripple contended that the SEC does not have a compelling reason to review their confidential financial records. The company emphasized that disclosing such data might be unnecessary if the court determines that the SEC’s crucial facts will not be taken into account. Importantly, Ripple asserts that they have a legitimate and widely accepted basis for keeping their financial information sealed.

Furthermore, Ripple contested the SEC’s claim that their previous contracts hold no weight. The firm argued that the contractual details are kept confidential, and disclosing such information to potential future counterparts could result in an unfair advantage.

As a researcher studying the legal proceedings between Ripple and the Securities and Exchange Commission (SEC), I can share that Ripple maintains its position that the court’s previous ruling declared XRP as not being classified as a security. This stance is based on the argument that the sale of XRP does not constitute the sale of investment contracts, as stated in the judgment summary.

I’ve analyzed the latest developments in the XRP market, and although the update was implemented, the price of XRP dropped by 0.92% to $0.5248 at this moment. This was a decrease from its peak of $0.5321 within the last 24 hours. Conversely, the trading volume demonstrated significant growth, increasing by 13% to reach a total of $1.56 billion in comparison to the previous day’s figures.

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2024-05-30 09:40