- XRP pulled back on Saturday as users anticipate the SEC’s reply brief on May 6.
- The brief will follow up on the ongoing case between the SEC and Ripple.
- The brief’s content will inform users of the strength of the SEC’s case against Ripple.
XRP made a slight pullback on Saturday as users look forward to the upcoming reply brief by the U.S. Securities and Exchange Commission (SEC) in its case against Ripple. The court expects the commission to file a remedy-related reply brief on Monday, May 6, to argue why Ripple should be penalized.
The expected reply brief will be one in a series of filings between the SEC and Ripple, which started with the SEC’s opening brief in March. The commission had pressed for a punitive penalty and an injunction against Ripple, alleging that the latter breached U.S. Securities laws after the December 2020 complaint.
Following the SEC’s remedy-related opening brief, Ripple filed a remedy-related opposition brief to counter the SEC’s allegations. In its opposition brief filing, the fintech firm asked the court to strike the SEC’s filing, citing irregularities and lateness in the brief filing. Ripple also noted that it made the post-complain XRP sales to accredited investors through ODL agreements. Hence, it did not constitute an infraction.
Meanwhile, crypto investors, especially members of the Ripple community, look forward to the SEC’s upcoming reply brief on May 6. It will provide information on the strength of the SEC’s case for a punitive penalty and injunction on Ripple. XRP could come under selling pressure peradventure the SEC provides substantive for its claim that XRP breached the law after the December 2020 complaint.
An injunction prohibiting Ripple from selling XRP to institutional investors would significantly affect Ripple’s plans for the U.S. market. It will also impact investors’ sentiment and induce a selling pressure on the altcoin.
XRP traded for $0.52661 at the time of writing, reflecting a 2.78% drop from its Saturday high, according to data from TradingView.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
