Ripple retaliated against the SEC this week by dismantling the agency’s attempt to retain the expert testimony of Andrea Fox, an accountant from its Enforcement Division.
According to Ripple, Fox did a shoddy job of summarizing the company’s financial situation. Ripple argues that if she is the agency’s summary witness, the SEC should have disclosed her in advance instead of ambushing the company.
The ongoing battle between Ripple and the SEC is nearing its conclusion, and the latest dispute revolves around Andrea Fox. The SEC submitted Fox as a summary witness after discovery to support its $10 billion penalty proposal. Ripple fought back against Fox this week as volatility in the XRP market declined.
As reported by Crypto News Flash, on Monday, the SEC filed a motion in New York to defend its inclusion of Fox as a summary witness. Ripple responded quickly with its own motion a few days later, countering the SEC’s defense and reinforcing its previous motion from late April to have Fox removed.
In its motion, Ripple argued that the SEC “has failed to demonstrate that the declaration of Andrea Fox is summary evidence rather than expert testimony.”
The agency is attempting to cleverly classify Fox as a summary expert so that she can be included after discovery. The agency admits in its motion that if she were an expert witness, she would be ineligible due to timing.
Ripple goes into great detail to prove that Fox cannot be considered a mere summary witness. It cites her review of the company’s financial records, from which she derives her well-informed deductions. However, Ripple argues that this level of analysis is not basic arithmetic that anyone can do; only an expert can provide such informed analysis.
Ripple remains steadfast in its request to have Fox removed, stating that even if she were a summary witness and not an expert, the SEC was required to disclose her before the close of delivery, as stipulated in the parties’ agreement and the Court’s scheduling order.
Meanwhile, at the time of writing, XRP is trading at $0.5272, experiencing a 2.38% dip for the day.
XRP continues to trade below the 50-day and 200-day exponential moving averages, which indicates a bearish signal. If XRP breaks above the upper trend line in the graph below, it could test the 50-day EMA and potentially breach the 200-day EMA if the bulls gain control.
Other technical indicators, such as the 14-day relative strength index, suggest that XRP bears will dominate in the short term. However, the outcome of the Ripple case remains the major driver of the token’s price movement and could swing it in either direction.
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