XRP Lawsuit: Will settlement speculation Fuel XRP Price to New Highs?

By Palak Malhotra
Published August 13, 2021 Updated August 13, 2021
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SEC vs. Ripple Lawsuit

XRP Lawsuit: Will settlement speculation Fuel XRP Price to New Highs?

By Palak Malhotra
Published August 13, 2021 Updated August 13, 2021

Ripple’s Letter Motion to Seal Exhibits filled the crypto community with settlement speculations between the SEC and Ripple. However, this settlement could potentially benefit the current $1.04 worth XRP price in foreseeable future.

The price of the token took a massive dump at the start of the year due to the filing of the lawsuit and consequent delisting from exchanges. In lieu of the ongoing lawsuit, the US-based crypto exchanges have not been able to offer XRP on their platforms. But a possible settlement could clear the path for relisting as well.

Positive news sentiment may cause XRP bull run

The lawsuit has been going on for 8 months now with no possible outcome, it has also led to XRP fluctuations and downfall. Thus, positive market sentiment and outlook towards the lawsuit could have a potential bullish impact on XRP price.

Source: TradingView

The defendant, Ripple currently has more weight in the XRP lawsuit against SEC. With a settlement, Ripple offers SEC an out with dignity, while also achieving public support for its XRP stance against the plaintiff.

Why did Motion to Seal cause settlement speculation?

Ripple’s Motion to Seal has received settlement speculation, particularly due to Hinman’s deposition documentation. Ripple has offered to seal parts of William Hinman’s deposition transcript, which were essential for Ripple to win the lawsuit.

Ripple’s efforts to protect the SEC officials named in the lawsuit have given rise to settlement rumors. However, Ripple still argues that the motion to seal is to prevent the XRP Lawsuit from becoming a mere trend plug. The defendants assert that the Seal will safeguard the ideals of the US judicature over the entertainment and education of the common man.

“Each discovery materials exchanged between the parties through “compulsory process to facilitate orderly preparation for trial, not to educate or titillate the public.”, a letter requesting a motion to seal stated.

SEC’s Misuse of DPP

Following the preliminary motion to seal, Ripple’s counsel filed a letter motion Challenging SEC’s improper assertion of deliberative process privilege (DPP). The misuse of DPP by the SEC is filed over pending documents from the SEC, that are relevant to the lawsuit. Ripple argues that the plaintiff has failed to produce vital data despite two consecutive orders.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
439 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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