Ripple’s native token, XRP, has witnessed a fresh impact of freshness on its price. At the time of writing, XRP traded above $ 0.4, resulting in a 1.5% surge. It wasn’t a big surge, but it certainly helped the cause. But what led to this?
Enough to play
The proceedings between the US Securities and Exchange Commission (SEC) and the San Francisco-based FinTech company (Ripple) witness various proceedings every day. However, there is one attribute that keeps or keeps track of the same trends. That is, the plaintiff (US SEC) tries to postpone the proceedings.
According to allegations filed by Ripple and individual defendants Chris Larsen and Brad Garlinghouse, the trio opposes Amichi’s request to represent 67,300 XRP holders in the challenge of Patrick Doody’s expert testimony. I opposed the SEC’s request to seal.
This answer came in response to the testimony of SEC expert Patrick Doody. The report was intended to explain the motivation for XRP holders to buy tokens. Similarly, Deaton sought to represent members of the community involved in the proceedings, as mentioned above.
But even the courts seem to be good enough. TThe court dismissed the SEC’s motion to seal the aforementioned request in its submission on June 10. Famous lawyer James Phillan emphasized this filing in a tweet on June 10.
#XRPCommunity #SECGov v. # Ripple #XRP The court dismissed the SEC’s motion to seal and ordered that an edited version of the briefs be submitted by June 14, “to the extent necessary to protect the information required to be submitted under the seal. Only “, presents editing information under the seal. pic.twitter.com/rtblZL40eH
— James K. Filan ???? 101k + (Beware of scammers) (@ FilanLaw) June 9, 2022
The court further ordered the SEC to submit a letter explaining the proposed edits and specifying sufficient exhibits to be sealed by June 14, 2022. Basically, the court agreed with Ripple and said the SEC tried to seal more than necessary.
This could certainly be one of the main reasons for the new enthusiasm among XRP holders.
In addition, Ripple Labs has submitted an answer regarding the flaws in the SEC’s response to Ripple’s fourth set of RFAs. Defendant attempted to have Judge Netburn investigate inquiries about the XRP received by the OIEA and FinHub. Ergo is putting pressure on the plaintiffs.
Following this move, various XRP enthusiasts have been optimistic about social media platforms. Another well-known lawyer, Jeremy Hogan, praised each judge with the following tweet:
Judge Torres is not confused.
— Jeremy Hogan (@ attorneyjeremy1) June 9, 2022
