Since non-parties filed their respective amicus curiae filings in the continuing case earlier this month, there hasn’t been much to report on the Ripple v. SEC dispute. However, a big development in the litigation is anticipated to happen before the day runs out.
The Summary Judgement Reply briefs from Ripple and the SEC must be filed in sealed form, according to the lawsuit’s updated schedule. The summary judgement reply papers in Ripple v. SEC shall remain sealed until the parties’ meeting and discussion on December 2, 2022, to determine the appropriate redactions.
Read more: Blame SEC for BlockFi Bankruptcy, Says Ripple General Counsel
Briefs in Response to Summary Judgment Could Be Filed Sooner
By December 5, 2022, the parties will have completed the requisite redactions and the public will have access to the redacted versions of the summary Judgement Reply Briefs.
James K. Filan, a lawyer who supports Ripple, claims that there is a propensity for summary judgement redacted replies submitted before December 2, 2022.
“This is based on the fact that the redacted summary judgment motions were due on September 19 but were filed on September 17, and the redacted oppositions were due on October 24 but were filed on October 21. So, expect the Redacted Replies to be filed early as well,” Filan said.
Area of Interest to be Expected
The amicus briefs submitted by 16 distinct entities and William Hinman’s 2018 speech are expected to be the two main topics of interest in the impending summary judgement reply briefs.
I-Remit, TapJets, XRP holders, Coinbase, SpendTheBits, the Blockchain Association, and the Chamber of Digital Commerce are among the 16 organisations who have submitted amicus curiae briefs in support of their positions in the litigation. 13 of the 16 entities are supporting Ripple’s lawsuit against the SEC, two are supporting the SEC, and one has chosen to remain neutral.
Read also: Ripple General Counsel Claims SEC Chairman Has Failed to Protect Crypto Investors Severally
Positive Briefs May Pump XRP Price
The XRP community is confident that the summary judgement responses will cause a sharp increase in the asset’s price. XRP is currently up 3% over the last 24 hours, trading at about $0.404. This occurred following a recovery from a 24-hour low of $0.389 for the seventh-largest cryptocurrency. Following a morning rise of $0.409, XRP overcame its first significant resistance at $0.4069. However, due to a little amount of market volatility, the asset class did dump back to $0.403 before rising to $0.404.
The second and third significant XRP resistance levels, $0.4156 and $0.4562, might be broken by bulls once the public has access to the redacted summary judgement responses and everything appears to be going Ripple’s way.
Given that the asset is presently trading below the 200-day EMA as of press time, the 4-hourly candle candlestick chart for XRP flashes a bullish signal.
The post Ripple vs SEC: XRP Set to Break $0.45 Resistance Due to Today’s File Summary Judgment Reply Briefs appeared first on FX Crypto News.
