- Ripple lawsuit sees SEC file its reply under seal, alongside supporting exhibits.
- The documents’ public redacted versions will be filed by Wednesday, May 8.
- XRP is hovering around $0.53 after rallying to a $0.57 high on Monday.
Ripple (XRP) lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
The next key deadline in the lawsuit is May 13 By this date, both parties are expected to file motions to seal all remedies-related materials from recent proceedings.
Daily Digest Market Movers: Ripple and SEC to confer and redacted version of the filing will be out soon
- The SEC alleged that Ripple had violated securities laws and asked the court to fine the payment firm $2 billion in penalties for unregistered sale of XRP tokens to institutions.
- The two parties are currently debating the “expert material” status of SEC’s Chief Assistant Accountant Andrea Fox’s statements, per latest filings from Ripple and the regulator.
- The SEC filed its response to Ripple’s brief on Monday, May 6, alongside supporting exhibits.
- The filing is under wraps and the firm is expected to meet the regulator, concur on parts that need to be redacted before making them available for public view, per attorney James Filan’s update on X.
- On May 13, both parties are expected to file omnibus-letter motions to seal all materials relating to remedies-related briefing, including briefs, declarations and supporting exhibits.
- May 20 is the deadline for the payment remittance firm and Ripple to file their opposition to the briefs.
Technical analysis: XRP hovers around $0.53 as traders digest updates in lawsuit
Ripple rallied to a high of $0.57 on Monday as the SEC filed its reply brief under wraps. XRP is hovering around $0.53, a key level for XRP in the past five days. The green histogram bars on the Moving Average Convergence Divergence indicator and the recent crossover above the signal line, support XRP price gains.
XRP faces immediate resistance at $0.5574, the 61.8% Fibonacci retracement level of the decline between April 9 top of $0.6431 to April 13 low of $0.4188.
XRP/USDT 1-day chart
XRP could find support at $0.50 in the event of a decline in price.
