Following recent developments in the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC), XRP saw a significant surge in trading volume. This sudden increase in activity reflects growing interest and speculation around the potential outcomes of the high-profile case.
Since the SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company conducted an unregistered securities offering by selling XRP, the legal battle between the two has been closely followed. Ripple has vigorously contested the charges, arguing that XRP is not a security but rather a digital asset used to facilitate cross-border transactions.
Traders are more interested in making speculations and positioning themselves for potential market fluctuations. Ripple’s recent strategic efforts, including collaborations and foreign development, have offered additional support to the XRP ecosystem.
Ripple Continues To Forge New Partnership, Case Outcome Remains Uncertain
Ripple gained significant support from various sectors of the crypto industry, with many viewing the case as a test case that could affect the larger regulatory landscape. The increase in XRP’s trading volume coincided with a series of court filings that revealed shifting dynamics in the case.
This led to speculation that Ripple may be gaining ground and improving investor sentiment. Speaking on the development, Ashish Kumar, a market analyst, wrote in the Decrypt platform that Ripple has continued to expand its business and forge partnerships despite the legal challenges.
The Ripple vs. SEC battle remains unpredictable, and the final verdict could have significant implications for the broader cryptocurrency market. Kumar also cautioned investors to stay vigilant and avoid making important financial decisions based on mere emotions.
Ripple’s Legal Activities for May Revealed, Readies to Reply Briefs
In the latest actions by the United States Securities and Exchange Commission, a filing was made to reply to briefs and support available exhibits as seen under the seal. The documents have yet to be public, but the obscure versions will be out on the 8 of May, 2024. The court filings recommended the release timeline before the Ripple Case with the SEC.
It is expected that after the SEC has filed a reply brief by the seal, both parties are scheduled to meet on the 7 of May to deliberate on identifying redactions. Each party is expected to seek things out according to the exhibit and the reply brief.
The next step will be the SEC’s public filing of the obscure version of the response of the brief and any complimenting exhibit that is not created by any of the parties or third party (by extension) and not tagged as “Highly Confidential,” “Protective Order,” or “Confidential,” as prescribed on the Protective Order. This is expected to happen on the 8 of May.
XRP Records 237% Jump in Trading Volume, Market Capitalization Rise
This is expected to happen by those parties making provisional public edit requests, likely during their meeting. However, on the 13th of May, SEC, Ripple, and other participating third parties are expected to file a motion that seals every piece of evidence or material linked to the briefing.
These materials (or documents) will include supporting e evidence, briefs, and declarations. Interested parties are also advised to file such proposed redactions for such materials. May 20 is said to be the most significant in the Ripple vs. SEC case, including the inclusion of any participating third party.
This is expected to happen under a collaborative proposal; the participating parties will be expected to make a public filing of the redacted versions of the relevant documents 14 days after the court ruling on the sealing motions. The cryptocurrency market activity today XRP recorded a more than 5% increase in the last 7 days, a move considered a positive trend in the return of Ripple.
On the other hand, the token is still down by 13%, judging from the Year To Date (YTD) prices. As of press time, XRP is trading at $0.538 after recording a 237% jump in trading volume, representing $1.9 billion. Meanwhile, XRP’s market capitalization has risen to $29.7 billion in 24 hours.