XRP Set to Break $0.45 As Ripple and SEC Expected to File Summary Judgment Reply Briefs Today
The parties’ summary judgment reply briefs are due today.
There has been little to no update on the Ripple vs. SEC lawsuit since non-parties filed their respective amicus curiae briefs in the ongoing case earlier this month. However, a significant development in the lawsuit is expected to occur before today’s end.
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 SCHEDULING NOTE: Sealed Replies to SJ Oppositions due 11/30; Conference re: redactions by 12/2; Redacted Replies due 12/5, BUT all SJ pleadings were filed early. THIS SUGGESTS REDACTED REPLIES WILL BE FILED SOMETIME THIS FRIDAY, 12/2.
— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) November 28, 2022
According to the lawsuit’s scheduling update, Ripple and the SEC must file sealed versions of summary judgment reply briefs. The Ripple vs. SEC summary judgment reply briefs will remain sealed until the parties meet and confer on December 2, 2022, to identify necessary redactions.
Summary Judgment Reply Briefs May Come Sooner
After the parties have made the necessary redactions, the public will be able to access the redacted versions of the summary judgment reply briefs by December 5, 2022.
According to pro-Ripple lawyer James K. Filan, there is a tendency for the summary judgment redacted replies filed before December 2, 2022.
“This is based on the fact that the redacted summary judgment motions were due on September 19 but were filed on September 17, and the redacted oppositions were due on October 24 but were filed on October 21. So, expect the Redacted Replies to be filed early as well,” Filan said.
Expected Area of Interest
The two major areas of interest expected in the upcoming summary judgment reply briefs are the amicus briefs filed by 16 different entities and the drafts of William Hinman’s 2018 speech.
Recall that 16 entities, including I-Remit, TapJets, XRP holders, Coinbase, SpendTheBits, Blockchain Association, and Chamber of Digital Commerce, have filed amicus curiae briefs in the lawsuit. Out of the 16 entities, 13 are backing Ripple’s case against the SEC, two support the SEC, and one entity decided to be neutral.
As reported last month, Ripple General Counsel Stuart Alderoty disclosed that the Securities and Exchange Commission has handed over drafts of Hinman’s documents. These factors could play a role in helping Ripple to corner the SEC into a settlement.
Favorable Briefs Could Fuel XRP Price
The XRP community is optimistic that the summary judgment replies will propel the asset’s price to surge tremendously. XRP is trading at around $0.404, up 3% in the past 24 hours. This comes after the seventh-largest cryptocurrency rallied from a 24-hours low of $0.389. XRP broke its first major resistance at $0.4069 after rallying $0.409 this morning. However, the asset class slumped back to $0.403 due to slight market volatility before surging to $0.404.
Once the public gains access to the redacted summary judgment replies and things seem to point in Ripple’s favor, bulls could push XRP above $0.4156 and $0.4562, marked as the second and third major XRP resistance, respectively.
XRP’s 4-hourly candle candlestick chart flashes a bullish signal, as the asset currently sits below the 200-day EMA at press time.
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