- Odd ’emergency’ filing by penalized individual surfaces in Ripple vs SEC case
- Coinbase Derivatives files with CFTC to self-certify XRP futures (launch Apr 21)
- Ripple escrow releases 1 Billion XRPs, adding sell pressure to an already weak price
The long-running legal battle between the SEC and Ripple Labs saw a peculiar development Thursday when a surprising court filing surfaced, adding to a mix of recent news impacting XRP.
Odd Court Filing Surfaces in SEC vs. Ripple Case
Eleanor Terrett, host of CryptoAmerica and former FOX Business journalist, highlighted an unusual court docket entry: an “emergency request” letter filed by Justin W. Keener. The filing claims to present “decisive evidence in favor of the defendants [Ripple] and in favor of liberty for the American people,” though the substance remains unclear.
Keener has a contentious history with the SEC, having recently faced suit for operating as an unregistered penny stock dealer, resulting in a court order for over $10 million in penalties.
He maintains he possesses proprietary knowledge regarding physical investment contracts and the Howey test relevant to the Ripple case, potentially benefiting Ripple, the crypto industry, and Congress.
Related: XRP vs BTC: Glassnode Data Contrasts Retail vs Institutional Rally Paths
Coinbase Derivatives Files for XRP Futures
In separate, potentially positive news for XRP access, Coinbase Derivatives announced it filed with the Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts.
Described as a “regulated, capital-efficient way” for XRP exposure, the product launch is expected April 21, 2025.
Massive XRP Escrow Release Adds Market Pressure
Blockchain tracker Whale Alert detected significant XRP movement from Ripple escrow accounts. Approximately 1 billion XRP moved in three large transactions (500M, 200M, and 300M XRP).
Such large escrow releases typically raise market concerns about potential increases in circulating supply, placing bearish pressure on an already weak XRP price.
XRP Price Stays Under Pressure
Confirming this pressure, XRP traded significantly below its 20-day Exponential Moving Average (EMA), which presented a notable resistance level for the altcoin at the time of reporting.
Related: Enterprise Focus: Ripple Integrates RLUSD Stablecoin into Core Payments
The latest escrow transfers could also add to the existing bearish technical outlook.
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