As per the recent development, Judge Torres has granted permission for an investment banking declarer to make an appearance in the case of SEC vs Ripple (XRP). Not too long ago, Ripple came forward with an objection to a similar appearance by an investor banker declarant affiliated with the law firm that supported the position of the SEC. As a result of the denial, concern increased among the defendants.
To prevent publicizing sensitive information according to the directive of the court, the court has currently adopted an approach to address all issues related to orders that rejected the SEC’s plea of sealing the Hinman documents. This also includes the plea by Ripple to seal all information regarding the sales of XRP along with programmatic and institutional sales. The masses believe that the main objective of the investment banking declarer is to safeguard the stakeholders in the context of the SEC challenging Judge Torres’ decision.
Moreover, the SEC has recently submitted an appeal regarding the judge’s verdict that the programmatic sales of XRP do not fall under the category of securities according to the Howey test. The regulator is also looking forward to requesting a suspension of all ongoing proceedings until its concerns are resolved via court clarification. The chief legal officer at Ripple, Stuart Alderoty, clarified that the platform is looking forward to pursuing court authorization to appeal and does not plan on challenging the ruling of XRP as a security.
Ripple Trading Price Tumbles
As a result of the recent development by the SEC in the ongoing legal battle against Ripple, the trading price of XRP, Ripple’s native token has been subject to a considerable decline. At the time of writing, XRP has declined by almost 4.14% within the previous 24 hours as the sense of uncertainty among the investors continues to grow. The decline has pushed the trading price down to $0.6007 and the market cap of the token currently stands at the $31 billion mark.
Several analysts throughout the crypto space expect that Ripple’s XRP might be subject to increased volatility in the upcoming days. They expect a major market shakedown to occur. The recent actions from the regulator suggest that its stance against crypto may be unwittingly exposing crypto investors to increased risks.