Ripple has submitted a response letter bolstering its Motion to Seal documents amid the ongoing legal clash with the U.S. Securities and Exchange Commission (SEC). This move by Ripple aims to maintain confidentiality around certain materials filed in connection with the SEC’s Motion for Judgment and Remedies.
James K. Filan, a prominent figure in the XRP community, shared insights on Thursday regarding Ripple’s recent legal maneuver. Notably, Ripple’s submission, addressed to Hon. Analisa Torres of the United States District Court in New York, argued that disclosing current financial statements, especially those pertaining to years following the alleged misconduct, is irrelevant to the court’s analysis.
Notably, the company argued against the SEC’s claim that information about Ripple’s financial condition is crucial to determining remedies for its historical conduct. Furthermore, Ripple emphasized the need to maintain confidentiality around past contracts, highlighting potential leverage future counterparties could gain if such details were made public.
The reply letter also rebutted the SEC’s assertion that Ripple’s historical contracts are no longer relevant due to changes in its XRP sales methods. Ripple clarified that while its sales approach may have evolved, the terms of past contracts remain commercially significant and could provide valuable insights into the company’s current business practices.
The letter comes even as Ripple’s CEO, Brad Garlinghouse, actively advocates for favorable cryptocurrency regulations alongside those of other industry leaders. Recently, the businessman applauded the passage of the FIT21 bill, which is seen as a legislative victory for the crypto community, while expressing confidence in Ripple’s favorable outcome in the SEC lawsuit.
That said, amidst these legal developments, XRP’s price struggles to gain momentum, with months of consolidation resulting in a Doji Candle formation on the monthly timeframe, indicating indecision among buyers and sellers.
Nonetheless, amid this weakness, various analysts remain bullish. Crypto analyst Babenski predicts a breakout for XRP, suggesting that the altcoin is on the verge of breaking out of its seven-year accumulation trend.
In a tweet, the pundit presented a chart showing he anticipates XRP breaking out of a bullish symmetrical triangle pattern. He projects a surge of over 1,100% to reach $6, thus setting a new all-time high for the coin.
This sentiment is echoed by other analysts, including U-Copy, who suggested that XRP’s price is nearing the end of its triangle formation, potentially indicating an imminent breakout. While U-Copy refrained from specifying a target price, the analyst anticipates significant XRP price movement by December 2024.
At press time, XRP was trading at $0.5213, reflecting a 0.43% drop over the past 24 hours.
