XRP Lawsuit: Lawyer Hints Ripple’s Counter Over Massive XRP Holding

The long running XRP lawsuit is moving toward the final phase of the Summary Judgment. US SEC and Ripple defendants reportedly have begun to file replies to opposition to Motions for summary judgment, under seal. However, Ripple benefiting from holding a massive amount of XRP will still be a major talking point in the case.

Judge to address Ripple holdings?

It is very certain that the Judges or the commission will bring Ripple’s massive XRP holding in the XRP lawsuit. It can be enquired that the defendants benefit from the jump in XRP price. This was the main reason that they promoted the XRP.

However, John Deaton, Amicus Curiae and XRP holders’ lawyer in the case hinted that Ripple is ready to face it in court. He said that the defendants know that the judge is likely to address this matter.

To counter this assertion Ripple will be mentioning the De Beers Diamond Company. They claim that the diamond companies own 30% of the diamond market.

How much XRP does Ripple hold?

As per the quarter 3 2022 XRP markets report, Ripple is holding less than 50 billion XRP tokens. It added that the firm operates only four of 130 validator nodes on the XRP Ledger (XRPL). Meanwhile, this is the first time ever that Ripple’s XRP holding has dropped below the 50%.

Earlier, Coingape reported that Ripple has unlocked 900 million XRP tokens from escrow wallets in multiple transactions. While its circulating supply stands over 50.2 billion.

On the market side, XRP price has dropped by more than 7% over the past 7 days. It is trading at an average price of $0.39, at the press time. It is holding a market cap of over $19.6 billion.

Updated Schedule in Ripple lawsuit

Attorney James Filan dropped an updated schedule of the XRP lawsuit. Replies to summary judgment oppositions are filed. However, conference redactions are due by December 2, 2022, while redacted replies will be due by December 12.