In the ongoing legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), pro-XRP lawyers anticipate a setback for Ripple. The focus is on a crucial motion regarding expert witness testimony, particularly the declaration by expert witness Andrea Fox.
This declaration is pivotal in the SEC’s argument regarding institutional investor harm, which is a core issue. Ripple contends that the SEC violated a court deadline by introducing Fox’s declaration after the discovery deadline, setting the stage for a contentious legal clash that could have significant implications for XRP.
The Expert Witness Testimony Dispute
At the heart of the legal dispute is the testimony of expert witness Andrea Fox, whose declaration is crucial in determining the extent of harm suffered by institutional investors due to Ripple’s actions.
The SEC has argued that Fox’s testimony is permissible under the law and provides valuable insight into investors’ harm. However, Ripple has contested the inclusion of Fox’s declaration, claiming it was submitted after the court-mandated discovery deadline, making it inadmissible.
Pro-XRP lawyers, including Bill Morgan and Jeremy Hogan, have expressed skepticism about Ripple’s chances of success in the motion. Morgan believes the judge will likely rule against Ripple, potentially leading to Fox being deposed by Ripple’s legal team. This development could prolong the legal proceedings and further complicate the case.
Ripple has filed a reply to the SEC’s opposition, arguing that including Fox’s declaration violated the court’s deadline. The outcome of the motion could have significant implications for Ripple, as losing the motion could weaken its position in the overall legal battle against the SEC.
However, even if Ripple loses the motion, the case is far from over, and the company will likely continue to defend its position vigorously.
Market Response and XRP Price Movement
Despite the legal uncertainties surrounding Ripple, the XRP cryptocurrency has shown resilience in the face of adversity. Recent market movements suggest that traders remain optimistic about XRP’s path to a new all-time high above $3, with the cryptocurrency experiencing a slight uptick in price.
At the time of writing, XRP is trading at above $0.5157, with trading volume rising as interest among traders grows.
As the legal battle between Ripple and the SEC unfolds, the cryptocurrency community remains closely attuned to developments in the case. The court’s ruling on the motion is still pending, creating uncertainty about the outcome. The crypto community eagerly awaits the SEC’s brief reply, which is expected by May 6 and will precede the court’s decision on remedies. Ripple’s fate depends on how the SEC responds and the court’s ruling.
