Ripple’s Lawsuit: New Developments Could Have a Huge Impact
The Ripple lawsuit by the SEC is awaiting a summary judgment from the court. Recent developments suggest that the case may take a new turn, which could significantly impact the final ruling.
Lawyer Bill Morgan revealed in a tweet that the SEC’s expert admitted that XRP’s value has been influenced by up to 90% due to the price fluctuations of Bitcoin and Ethereum since mid-2018.
It was surprising to me that the SEC’s own expert conceded that since mid-2018 onwards that Bitcoin and Ethereum price movement can explain as much as 90% of XRP’s price movement./1 pic.twitter.com/0ZA33On6EO
— bill morgan (@Belisarius2020) April 7, 2023
Should the expert’s assumption hold true, it could suggest that Ripple is allowing the price of XRP to be affected indirectly by Bitcoin and Ethereum’s price fluctuations.
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The SEC is presenting evidence to support this assertion by arguing that Ripple’s price statements impact XRP’s value. The SEC accuses Ripple of selling XRP tokens as unregistered securities. Ripple is defending itself by urging the unsealing of Hinman speech documents.
Based on recent remarks by lawyers, it is speculated that the case outcome may result in a fine for Ripple and require the company to continue operating its business.
The ruling may also influence the listing of digital assets on various trading platforms. The date for the summary judgment is yet to be confirmed.
The outcome is expected to impact the value of XRP and the crypto sector as a whole. XRP is currently trading at $0.51, with weekly gains of around 1%.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
