Ripple Defies Market Dip, XRP Surges Amid SEC Legal Developments

Amidst a broader crypto market decline, the price of XRP defied the trend and surged 4% on Thursday. This unexpected price increase has sparked optimism within the XRP community. The ongoing legal battle between Ripple and the SEC remains a crucial factor, with Ripple set to file its reply to the SEC's opposition to its motion to strike an expert declaration. The SEC argues that the declaration is permissible summary evidence, while Ripple maintains its relevance.

Ripple Defies Market Dip, XRP Soars Amid SEC Lawsuit Developments

In a surprising move that defied the broader crypto market's downward trend, Ripple's XRP token surged by 4% on Thursday. This unexpected price increase came as the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) reached a pivotal juncture.

The SEC has vehemently opposed Ripple's motion to strike the declaration of Andrea Fox (Fox Declaration), which is a critical component of the lawsuit. The SEC asserts that the Fox Declaration is a mere summary report on XRP institutional sales and not an expert report. Furthermore, the SEC contends that it is admissible as summary evidence under the law, similar to the Ferrante Declaration that was filed earlier.

In response to this development, Judge Sarah Netburn has ordered Ripple to file a reply to the SEC's opposition within three business days of April 29. Despite the SEC's strong opposition, Ripple's argument remains relevant, as it does not dispute the summary of financial records.

The SEC has countered Ripple's argument, claiming that Fox did not provide an opinion but merely reported what counsel had instructed her to check, specifically whether certain institutional buyers had suffered pecuniary harm while others received higher discounts.

Despite the SEC's assertions, pro-XRP lawyer Bill Morgan opines that the SEC's argument on pecuniary harm suffered by institutional buyers is still weak enough to support disgorgement proceedings.

While the legal battle between Ripple and the SEC continues to unfold, the XRP community has welcomed the recent price increase with cautious optimism. They eagerly await the next development in this high-stakes lawsuit, which has far-reaching implications for the broader crypto industry.

Ripple's unwavering defense of XRP and its willingness to file a reply to the SEC's opposition are seen as signs of strength in the face of adversity. The outcome of this lawsuit will not only determine the fate of Ripple but also set a precedent for the regulation of digital assets in the United States.