- XRP has declined by more than 18% in a month amidst crucial developments in the Ripple-SEC lawsuit.
- The XRP Army waits for the SEC to respond to Ripple’s Motion to Strike on April 29, 2024.
- In the Motion to Strike, Ripple requests the court to dismiss SEC’s new submissions supporting its opening brief.
XRP recedes to $0.5075 on April 29, 2024, when the Ripple-XRP legal war takes a significant turn. While Ripple’s XRP dipped slightly by 2.91% over the last 24 hours, the token experienced major declines of 5.75% and 18.19% in one week and one month, respectively.
The SEC-Ripple tussle has its origin in 2020 when the Securities and Exchange Commission (SEC) charged Ripple and its two key executives, Brad Garlinghouse and Christian Larsen, for allegedly raising “over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Though Ripple secured a landmark victory in the case when Judge Analisa Torres ruled in favor of Ripple, the lawsuit took further steps subsequently.
On April 29, the XRP community, better known as the XRP Army, is awaiting the SEC to respond to Ripple’s Motion to Strike expert testimony. XRP advocate James K. Filan shared an X post on April 23, highlighting Ripple’s Motion to Strike. He wrote, “Ripple has filed a Motion to Strike new expert materials the SEC submitted in support of its Motion for Remedies and Entry of Final Judgment.”
In the court filing, Ripple requested the court to dismiss the SEC’s new submissions supporting its opening brief. In addition, Ripple approached the court for final judgment. Ripple claimed,
“The parties engaged in more than three months of remedies discovery. During that time, Ripple served a supplemental expert report on disgorgement and the SEC deposed Ripple’s disgorgement expert. The SEC waited until the filing of its remedies motion to submit the Fox Declaration setting forth its remedies theories and calculations.”
The regulators argued in the opening brief that Ripple continued to break US securities laws even after the SEC sued the platform. In response, Ripple argued that the regulators did not disclose the expert witness’ identity or testimony during the discovery.
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