Coingape - 5/13/2022 2:29:10 PM - GMT (+0 )
Ripple (XRP) prices tracked a broader recovery in crypto markets, ahead of an update in the Securities and Exchange Commission (SEC) case.
The token rose 21% ahead of a response from the organization to another attempt by the SEC to block the release of internal memos crucial to the case.Ripple to file opposition over blocked memos
As the whole crypto market tumbled, the XRP token has suffered a downfall of over 25% in the last 7 days.
John Deaton, representing lawyers in the case, compared the sentiments of the LUNA and UST holders amid the historic dump. He mentioned that when the SEC sued Ripple and its official, XRP’s value tanked down. This led to the heavy liquidation and people lost their life savings amid this incident. Investors even called themselves stupid for investing in a shit coin.
Meanwhile, the Ripple Defendants are like to be filing a response to the SEC’s brief over Hinman documents on 13th May. The commission in a motion claimed that memos related to Hinman’s infamous speech are protected by the attorney-client privilege. The SEC will be replying to the Ripple Defendant’s response by 18th May.
The SEC is claiming that all the past year of briefings, oral arguments in the case were all academic exercises. It also included court decisions and reconsideration motions.
Earlier, Ripple opposed the Commission’s appeal to file a reply brief over the matter. It even mentioned that it was SEC’s 6th such opposition against taking any action. The XEC has been very hesitant in releasing the internal memos related to the speech. The court has already overruled the commission’s Deliberate Process Privilege (DPP) objection twice in the last 9 months.