The latest developments in the XRP lawsuit witnessed consecutive decisions in favor of the defendants, that have cleared up the former speculation against Judges’ bias towards the SEC in the case. The court granted amici curiae status to Pro- Ripple Attorney, John E Deaton, along with six Movants holding aligned interests with that of the XRP community. This was followed by two move approvals, granting Ripple’s appeals to extension in both, SEC telephone conference appeal to seek a protective order, as well as the plaintiff’s letter motion compelling discovery of audio-visual data for Ripple’s internal meetings.
Motion granted in a Text Only Order.— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 4, 2021
Motion granted in a Text Only Order.— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 4, 2021
SEC unjust motions that cause upheaval
The judges had received considerable backlash for the court’s invalid and unfair support of the SEC’s hypocritical actions. The crypto community was raging with the sentiments of unjust decision-making on part of the court as the SEC kept filing motions that would let the commission withhold evasive information. Meanwhile, the plaintiff pressured the defendants through more filings to make extensive discoveries, that the defendants claim is irrelevant to the case.
The commission recently filed an appeal for a telephone conference, seeking a protective order under FRCP 26(c)(1), relieving the plaintiff of any obligation to respond to the 29,947 requests for admission, totaling over 5,000 pages from Ripple in the final six hours of fact discovery on August 31. The commission asserted that the defendants’ requests are “disproportionate” and that the process of responding would pose a “crushing burden” on the plaintiff.
#XRPcommunity #SECGov v. #Ripple #XRP SEC requests telephone conference in order to seek a protective order relieving the SEC of any obligation to respond to 29,947 requests for admission from Ripple claiming responding would be too burdensome. pic.twitter.com/ssMs0XNnHu— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 30, 2021
However, following the telephone conference request, the SEC also appealed for a pre-motion conference to order motion, compelling Ripple for “reasonable” discovery of “relevant” video & audio-taped recordings of internal Ripple meetings where Garlinghouse, Larsen & other key employees spoke on topics pertinent to disputes in the lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP SEC requests conference & order compelling Ripple to search & produce video & audio-taped recordings of Ripple meetings where Garlinghouse, Larsen & other key employees spoke on topics relevant to disputes in lawsuit.https://t.co/DejdauSaqr— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 2, 2021
The court permits a pro-Ripple attorney to ask brief questions
The Amici curiae status granted to Attorney John E Deaton offers the opportunity to ask brief questions on behalf of Individual Movants related to the XRP lawsuit. While the SEC asserted that XRP is a security, and further accuses the defendants of violating the Securities Act by selling these digital assets. The Movants object to SEC’s argument, asserting that if XRP is a security and its sales are marked as illegal, then the entire XRP community is put at the stake of a lawsuit for trading unregistered securities.
🚨BREAKING: Judge Torres grants amici status to @JohnEDeaton1 and Movants, and Denies Motion to Intervene in @Ripple v. @SECGov
ADDED to our Document Library:
✅Text of the Order from Judge Torres 👇https://t.co/4YLiv5V0kL— CryptoLaw (@CryptoLawUS) October 4, 2021
XLM May Get in Trouble If XRP Deemed a Security: XRP Researcher
A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security
Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.
According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.
What is most likely? Jed testifies as an expert witness for Ripple or the SEC?
PS1:If he believed XRP is a security then he broke the law by selling unregistered securities after the lawsuit was filed.
PS2:XLM might get in trouble if XRP is deemed a security on a technical lvl.— Leonidas (@LeoHadjiloizou) October 16, 2021
Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.
So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.
Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.
Ripple Shifts 33.8 Million to Huobi in Past 2 Weeks, After Allocating 100 Million XRP for It
Ripple fintech firm has sent almost 40 million XRP to Huobi since October began from the 100 million allocated for it in the first place
Data provided by the analytics platform Bithomp that works with XRP transactions, over the past eighteen days, Ripple distributed ledger tech provider has shifted 33,805,080 XRP to the major digital exchange Huobi.
One third of Ripple’s 100 million XRP shifted to Huobi
This amount of crypto equals to $38,790,225. The size of weekly transactions has been changing since September 29, when Ripple allocated a whopping 100 million XRP lump to be sent to Huobi in regular transfers – it started as 1,542,780 XRP, continued as 2,309,580. So far, Ripple is moving 1,911,150 XRP lumps to Huobi.
The exchange has recently announced its withdrawal from mainland China and by December 31 it plans to stop crypto trading against CNY.
XRP becomes number one choice for UK retail investors
At the time of writing, the sixth largest cryptocurrency, XRP, is changing hands at $1.15, showing a mild rise of 2.54 percent, as per the data provided by CoinMarketCap.
As reported by U.Today earlier, a recent report by a leading trading platform eToro stated that the majority of retail crypto investors in the UK now prefer XRP as their top asset. Cardano’s ADA is the second favorite.
Ripple Labs has recently joined the Digital Pound Foundation to help UK authorities work the CBDC they are developing – digital pound sterling.
XRP is UK’s most popular crypto as analyst expect massive gains
- In a recent report by the eToro trading platform, XRP emerged as the most popular cryptocurrency in Q3 2021.
- Ripple has partnered with Digital Pound Foundation to support the creation of the UK’s central bank digital currency, the “Digital Pound Sterling.”
- Analysts are bullish on XRP price, predicting a big move in altcoin within the next two days.
In the third quarter of this year, XRP became the number one cryptocurrency in the UK, according to social trading platform eToro. XRP holders are bullish on the proceedings in the SEC v. Ripple case.
Analysts predict a big move in XRP, bullish on the new partnerships
eToro, the social trading platform, recently revealed that XRP is UK’s most popular cryptocurrency, followed by Cardano (ADA). Crypto traders in the UK have put more funds in XRP than any other crypto in Q3 2021.
The year-on-year increase in XRP price is over 100%; despite higher gains in Bitcoin and Ethereum, traders held on to XRP for its volatility and risk-adjusted returns.
Interestingly, XRP has witnessed a spike in retail and institutional adoption over the past few months. Ripple collaborated with the Digital Pound Foundation and prepared to work in line with the firm’s objectives to work with global banks and resolve issues related to CBDC development.
XRP is engaging with centralized institutions for the development of CBDCs. After announcing its partnership with Bhutan’s Monetary Authority, Ripple works with the UK’s central bank for the “Digital Pound Sterling.”
Ripple has positioned itself to be a bridge in CBDC development. Nearly 80% of central banks are currently exploring CBDC development, and the Ripple network’s engagement with centralized institutions is expected to boost XRP’s utility.
The world’s sixth-largest cryptocurrency started at $0.22 in 2021 and hit a high of $1.9 in April before further correction.
Cryptocurrency analyst @Koolaid_crypto has predicted a big move in XRP price over the next two days.
$XRPBTC showing a possible big move for $XRP in about 2 days time if this fractal holds up. #XRP #XRPcommunity #XRPusdt #XRP pic.twitter.com/ZRI7y2lt7s— Crypto Koolaid (@Koolaid_crypto) October 15, 2021
FXStreet analysts have evaluated the XRP price trend and predicted that the altcoin would skyrocket to $2 with a rise in trade volume.