- The SEC vs Ripple case took another turn, as another court filing went against the SEC.
- After this, the SEC needs to file an appeal to the Hinman ruling or be ready for the next Court date.
SEC vs Ripple Case
In the yesterday (October 12, 2022) session, the balancing act between investor optimism for the SEC v Ripple case and market angst over Central Bank Monetary Policy extended.
It seems like the Central Bank Policy dominates the information from the SEC vs Ripple case. As of yesterday, the Bank of England considered the riskier assets. The Governor of Bank of England, Andrew Bailey, notified the markets of a Friday end to the Golden purchase operations. The current market condition grows out from the U.K. Government’s small budget made it easier, resulting in the BoE’s interventions. The approach moved towards the safety, and left XRP on the back foot.
Although, the recent updates from the ongoing SEC v Ripple case were in favor of XRP. James Filan, Defense attorney shared the latest Court ruling on October 12, 2022.
While on this Tuesday, Judge Torres granted I-Remit and TapJet’s requests to file amicus briefs in support of Ripple. That was another powerful stroke for the SEC, who then opposed the filings much to the dissatisfaction of the defendants.
However, the ruling is significant as I-Remit and TapJets will likely present the use of XRP beyond the SEC’s classification as a security.
Moreover, as per the TapJets filing, “TapJets interest, in this case, is as a business that accepts cryptocurrency, including XRP, in exchange for its services as a fiat currency substitute. For TapJets, the acceptance of XRP as payment for services is vital in some instances.”
On the other hand, I-Remit, a global payment remittance firm’s filind stated that “As a major ODL customer, I-Remit is interested in the outcome of this lawsuit because of its heavy reliance on XRP and the XRL Ledger. I-Remit has deep knowledge of these technologies that will aid the Court’s evaluation of the arguments advanced by the US Securities and Exchange Commission (“SEC”).
Nevertheless, the recent ruling is good news, the SEC has not replied to the Court overruling the SEC’s objection to the Court refusing the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.
XRP Price Analysis
The price of XRP noted an increase by 0.73% in the recent 24 hours. Its current trading price is noted at $0.4884 with the current market cap of $1.76 Billion. The below chart indicates the graphic representation of XRP price in the last one month.
CoinMarketCap: XRP to USD Chart
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/10/12/response-of-xrp-price-when-court-ruling-went-against-sec/