Source: Wit Olszweski
- The SEC is seeking to throw out the Fair Notice defense made by Ripple through a Letter of Supplemental Authority.
- Legal experts and XRP supporters are, however, optimistic about the lawsuit’s final ruling, while analysts predict up to 44 percent in XRP gains this month.
The recent move in the US SEC (Securities and Exchange Commission) v. Ripple case, saw the regulator file a Letter of Supplemental Authority to support its motion to strike Ripple’s fair notice defense.
Attorney Jeremy Hogan, a notable legal expert with a keen interest in the case, recently quoted an update on the case by defense attorney James K. Filan – another XRP proponent. Hogan commented that the SEC’s action might prove challenging for it since:
In the Ripple case, it’s the SEC that is trying to strike the affirmative defense of Fair Notice and it has the high burden to meet.
SEC strikes at Ripple
Additionally, he pointed out the difference between the SEC v. Fife case and that of the regulator versus Ripple. The former was sued by the financial watchdog for being an unregistered dealer, among other allegations. Toward the close of 2021, a court ruling denied Fife’s motion to argue “Fair Notice” to dismiss the lawsuit.
In the “Fife” case, the Defendant tried to argue “Fair Notice” to dismiss the lawsuit entirely (and failed) because the burden is very high on a party moving to strike a pleading.
In July 2021, presiding Judge Sarah Netburn authorized the deposition of former SEC official William Hinman. Thereafter, the court scheduled expert discovery for Jan. 14, 2022, and the last expert deposition to Jan. 19. The SEC’s move thus comes as a surprise considering the timetable of events.
The Ripple-SEC lawsuit has negatively impacted the price of XRP over 2021, though it showed several recovery points all through. The cross-border payments company also advanced operations to various nations in the world, saying 2021 was its best year thus far.
XRP market price
At writing time, XRP was oscillating at around $0.77 following the general market downtrend. The coin has set a triangular trend, according to analysts. XRP might see a 33-44 percent raise to $1-1.10 in case of a bullish reversal before discovery ends. Should the bears gain ground, $0.70 remains the token’s immediate support. A death cross may occur, but such previous happenings for XRP have signaled a price bottom.
Additionally, several analysts, including @Bitboy_Crypto believe a soon-to-happen pump is the cryptocurrency’s fate. Pseudonymous crypto analyst @XRP_Pro pointed out the similarities between XRP’s current price trend and its 2021 bull run.
Nonetheless, crypto analysts @CarpeNoctum, note that Ripple has had no fixed trend in its quarterly prices, making it a little difficult to make a forecast.
However, experts, including Hogan and Attorney John Deaton, believe Ripple is poised for a win and that the case could draw to a close by April 2022.
Credit: Source link
