New Development in Ripple Case: Will Court Find Ripple Right?
The initial developments in the securities lawsuit against Ripple Labs and its two top executives took a heavy toll on the XRP price. The total market cap of XRP shrank by $ 15 billion, while the leading cryptocurrency dropped approximately four places and fell to seventh place.
Ripple Could Knock Down The SEC
Now, there is positive news about the case to the Ripple team almost every week. In the “Bitcoin and Ethereum documents” controversy between Ripple and the US Securities and Exchange Commission (SEC) , Ripple seems to be getting very close to getting what it wants.
Ripple is questioning how the US financial regulator made the opposite decision about Bitcoin and Ethereum against the claim that XRP is a security. Ripple’s lawyers, who stated that the documents and evidence about this should be submitted to the court, now seem to have gotten the opportunity they wanted.
New History for Ripple and SEC Lawyers
According to the information conveyed by Leonidas Hadjiloizou, one of the important names of the XRP ecosystem, Ripple and SEC lawyers will face and share their trump cards on this issue on April 6, 2021.
Ripple wants to issue orders, despite the SEC’s refusal to provide these documents, and it can be said that it will have a serious battle on this issue on April 6. If the SEC cannot prove that XRP’s transactions and uses are different from Bitcoin and Ethereum, XRP could achieve a big victory here. The SEC emphasized in its defense that the situation of BTC and ETH is not related to the fact that XRP is a security.
BTC and ETH Documents May Be Submitted to Court
Stressing that XRP is fundamentally different from Bitcoin and Ethereum, the SEC does not view them as securities. In spite of this, the emphasis on the fact that XRP may not be a security in the statement made by the judge on the case caused the price of XRP to rise up to $ 0.60 at a time.
If the SEC cannot prove that the situation of XRP is different from BTC and ETH in the relevant meeting, the chief of court seems to be much more pleased with XRP investors who have already made statements in favor of XRP. XRP investors, who withdrew to $ 0.49 with Bitcoin’s sharp fall, should be ready for a serious move on April 6. Of course, it is known that the case has many more hearings to be seen.