SEC’s Non-Public Reply Brief Filed: Ripple’s Legal Dispute Persists as XRP Sees Growth

Defense lawyer James Filan has shared a document revealing that the US Securities and Exchange Commission (SEC) has filed its remedies, reply brief, and supporting documents. This latest development in the legal battle between the SEC and Ripple Labs has garnered significant attention from investors who eagerly await a conclusive outcome that will inform their investment decisions. Filan disclosed that the publicly redacted versions of these documents will be filed on May 8, 2024, and may include any supported exhibits that are not designated as confidential. Both parties involved, as well as third parties, are required to file an Omnibus letter motion to seal all materials related to the remedies-related briefing. They must also propose redactions to the material. Furthermore, opposition briefs to the omnibus letter motions to seal must be filed by May 20, and all parties involved must file public, redacted versions of all documents within 14 days of the rulings on the omnibus sealing motions. Prior to this development, there were reports of a disagreement between Ripple and the SEC regarding the significance of Andrea Fox’s testimony and its classification as either expert testimony or summary evidence. The SEC argues that the “Fox Declaration” is based on information obtained from Ripple documents, including tax returns and financial statements, which are crucial to the case’s outcome. Ripple, however, asserts that the Commission failed to prove that the Fox Declaration is summary evidence and not expert testimony. In terms of XRP’s price analysis, the cryptocurrency has been unable to surpass the 50-day and 200-day EMAs, indicating a bearish signal. The 24-hour chart shows a 0.9% decline, with XRP trading at $0.538. However, if XRP breaks above the 50-day EMA, it is expected to target the $0.5739 resistance level and potentially reach $0.6. The 4-hourly chart suggests a bullish near-term but a bearish longer-term signal, with XRP positioned above the 50-day EMA and below the 200-day EMA.