Will XRP Holders Join Ripple Vs SEC Lawsuit? Here’s What Court Says

As the legal tussle between US SEC and Ripple is heading toward the crucial summary judgment, the court announced its verdict on another motion. District Court reviewed the parties’ letter redactions submitted on July 15, 2022.

Will SEC file an objection?

The US District Court reviewed the parties’ letter proposing redactions submitted on July 15, 2022. However, the court found them to be narrowly tailored to preserve the higher values. It noted that both parties should file versions of the SEC’s opposition to request publicly.

According to Attorney Filan, Unsealed versions related to the amici motion must be submitted by tomorrow. He added that Amici must reply to the SEC’s objection to their participation by July 25, 2022.

He affirmed that SEC’s objection telling why XRP holders shouldn’t participate in the case is due tomorrow. Then John Deaton, the lawyer of the token holders will be responding to that by Monday. He will be convincing the court why they should join the lawsuit.

Earlier, Judge Torres rejected SEC’s assertion over Deaton’s filing a reply. With this move, the lawyer will have the chance to slam SEC for taking a conflicting position.

Deaton also mentioned that the commission restricted his right to reply because he mislabeled the motion. However, XRP’s lawyer denied citing the rules. Meanwhile, the judge now agreed with Deaton.

Will this pump XRP?

On the market side, the XRP token’s price dropped by around 3% over the past 24 hours. It is trading at an average price of $0.353, at the press time. However, it is still trading down by 90% from its all time high of $3.84. Meanwhile, XRP’s 24 hour trading volume is up by 9% to stand at $1.5 billion.

According to the report, Ripple’s former CTO Jed McCaleb ended its long running XRP selling spree on July 17, 2022. He sold around 9 billion XRP tokens systematically and made around $3.1 billion out of it.