As a researcher with experience in the cryptocurrency industry, I’m closely following the developments in the Ripple vs US SEC lawsuit. The remedies phase is nearing its end, and we’re all waiting for Judge Torres’ ruling on the fines Ripple has to pay for XRP sales to institutional investors.
As an analyst, I’m closely following the developments in the Ripple vs US SEC lawsuit. We’re now entering the remedies phase, where both parties anticipate Judge Torres’ decision on the specific fines Ripple is required to pay for selling XRP to institutional investors.
The SEC’s victory in the remedies stage of the case against Ripple is imminent, as Ripple is required to pay fines according to the judgment from July 2023. However, the SEC aims to inflict further damage on Ripple by disclosing previously sealed information and seeking a permanent injunction to prohibit sales to ODL customers.
Ripple Opposes Two Claims by US SEC
Ripple Labs recently submitted a response to two of the Securities and Exchange Commission’s (SEC) contentions in their filing. In this submission, the company asked the court to maintain the secrecy of certain financial reports, records of XRP sales to institutional investors, and other confidential documents.
Ripple opposes the SEC’s claim that revealing the sealed information is critical for the measured penalty. The SEC seeks nearly $2 billion, while Ripple contests with a penalty of not exceeding $10 million. Ripple argued that revealing highly sensitive confidential financial information is unreasonable, and the firm’s request to seal some documents is valid as per a noted precedent.
Secondly, Ripple asserts that historical contracts remain significant to its operations, even with the shift in how they now sell XRP. Post the court’s ruling, Ripple no longer facilitates XRP sales via over-the-counter deals.
Zach Rector, a well-known figure in the crypto media sphere, recently shared his thoughts on the ongoing Ripple vs SEC case in a video update. He suggested that members of the community might be interested in obtaining more information from filings regarding any discounts or special deals that Ripple extended to certain institutional investors. However, Rector cautioned that disclosing unsealed documents could potentially harm Ripple’s business relationships and partnerships by exposing confidential information.
As a crypto investor, I’d like to clarify that Ripple, the company, is not unloading XRP on us at distressing prices just because the court ruling declared XRP as not being classified as a security. The price at which Ripple sold XRP and the price of the investment contracts are two separate entities.
Ripple Debunks FUD
Expert: Bill Morgan, a lawyer advocating for Ripple, recently responded to Ripple’s latest statement, addressing the unfounded rumors that the company dumps XRP on retail investors and manipulates the cryptocurrency’s price. Contrary to these allegations, Ripple does not offer discounts to its On-Demand Liquidity (ODL) clients, and transactions using this service do not influence the XRP market value.
The top brass at Ripple, including Chief Technology Officer David Schwartz and legal team members, have clarified that On-Demand Liquidity (ODL) sales do not have a substantial influence on pricing, and they ensure full disclosure concerning escrow transaction dealings.
According to a previous report by CoinGape, the SEC emphasized several key aspects that carry significance. These include the value of Ripple’s current holdings (relevant for determining penalties), the amount of recent sales (significant for injunctive relief and fines), as well as revenues and expenditures (important for disgorgement). Furthermore, the SEC also considered the magnitude of discounts granted to certain institutional investors (pertinent to assessing investor harm).
XRP Price Losing Grip?
I’ve noticed that the XRP price has been moving laterally lately, with the current value sitting at around $0.52. The price range over the past 24 hours has ranged from a low of $0.5136 to a high of $0.5283. Moreover, there’s been a noticeable uptick in trading volume by approximately 13% within the same timeframe, implying heightened investor attention.
The Deribit platform’s data reveals that XRP options trading have reached call prices as high as $1.1. Additionally, the most recent options expiry data suggests a peak strike price of $0.54, signaling significant volatility and increased probabilities for XRP prices surpassing $0.54.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing trend with XRP futures open interest. Following the release of positive initial jobless claims data, there’s been increased buying activity in the last few hours, as indicated by the surge in XRP futures open interest. Remarkably, this trend is particularly noticeable on the Bybit platform, where XRP futures open interest has recently surpassed that of Binance. This shift in crypto market dynamics warrants further exploration and analysis.
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2024-05-30 19:45