As an analyst with a background in financial markets and experience following the cryptocurrency industry, I’ve been closely monitoring the developments in the Ripple class action lawsuit. The latest filings indicate that parties have filed administrative motions to file under seal, and the court has set deadlines for various motions and hearings throughout July.
In the ongoing Ripple class action lawsuit, both parties have submitted confidential filings that are proposed to be kept under seal. The court has established timelines for submitting and hearing motions in July following a recent judge’s decision, with a deadline for filing the revised motion to seal falling on Monday.
Ripple requests the court to give serious consideration to Judge Torres’ summary judgment decision, as the concept of a “programmatic buyer” is equally relevant in this particular case.
Minor Update to In re Ripple Labs Inc Litigation
In their recent court submissions on July 8, the involved parties made filings that included: an “Administered Motion to File Confidentially,” an “Administered Motion in accordance with Civil Local Rule 7-11,” and attachments for a “Confidential Administrative Motion to File.”
Previously, Judge Phyllis Hamilton instructed the involved parties to reconsider their applications to conceal specific parts of their filings as she declined to approve the sealing of any sections in their briefs. Later on, following a combined application by Brad Garlinghouse, Ripple Labs, and XRP II, Judge Hamilton issued an order authorizing the sealing of certain exhibits.
According to CoinGape’s report, Judge Phyllis Hamilton in the Ripple XRP lawsuit has set a deadline of July 8 for filing narrowed motions to seal. The court will subsequently issue an order on these motions. Additionally, the case has been transferred to Magistrate Judge Robert Illman for a settlement conference. By July 26, the parties are anticipated to submit a notice indicating whether they intend to exclude the testimony of four experts.
In the summary judgment, Ripple prevailed in the majority of the disputes. The plaintiffs were unable to demonstrate that XRP qualifies as an investment security, and it was established that investors derive their profits primarily from Ripple’s actions rather than the inherent value of the token itself.
XRP Price Eyes Recovery
Expert: Lawyer Fred Rispoli, who specializes in pro-crypto law, predicted that the judge’s ruling on remedies in the ongoing case might come out between July 12 and late July. Meanwhile, large XRP investors or “whales” are buying up more XRP in anticipation of Judge Torres’ final decision regarding penalties.
As a researcher studying the XRP market, I’ve observed that the price hovers around the $0.43 mark, aiming to break through the significant resistance level of $0.45. The lowest and highest points within the past 24 hours were recorded at $0.422 and $0.4421, respectively. Additionally, there’s been a modest decline in trading volume over the same period.
XRP faces persistent pressure due to derivatives traders’ current disinterest, as indicated by weak technical charts. For a potential turnaround, XRP must regain strength and surpass its descending trendline on lower time frames. The price currently hovers below the 200-Simple Moving Average (SMA) at $0.44 but above the 100-SMA at $0.43.
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2024-07-09 16:22