Ripple Responds to SEC in XRP Lawsuit, Aims for Success: Could a Substantial Price Surge to $1 be Anticipated?

Ripple responded strongly to the SEC’s recent move to retain the expert testimony of Andrea Fox, an accountant from the agency’s Enforcement Division. The company criticized Fox’s poor summary of its financial situation and argued that the SEC should have disclosed her in advance rather than ambushing the company.
The ongoing legal battle between Ripple and the SEC has now centered around Andrea Fox. The SEC submitted Fox as a summary witness after the discovery phase to support its proposed $10 billion penalty against Ripple. Ripple, however, pushed back against Fox’s inclusion this week amidst a decrease in volatility in the XRP market.
As reported by Crypto News Flash, the SEC filed a motion in New York on Monday defending its decision to include Fox as a summary witness. Ripple swiftly responded with its own motion a few days later, countering the SEC’s defense and reiterating its motion from late April to have Fox removed.
In its motion, Ripple argued that the SEC has not proven that Fox’s declaration is summary evidence rather than expert testimony. The SEC is attempting to have Fox declared a summary expert so that she can be included post-discovery. The agency acknowledges that if she were considered an expert witness, she would be ineligible due to the timing.
Ripple goes into detail to demonstrate that Fox cannot be considered a mere summary witness. It highlights her review of the company’s financial records, which she uses to make informed deductions. The company argues that this level of analysis requires expertise and cannot be performed by a layman.
Ripple remains steadfast in its request to have Fox removed. It emphasizes that even if she were considered a summary witness, the SEC was required to disclose her before the close of delivery, as agreed upon in a joint letter. The letter stated that Ripple has the right to seek discovery, including a deposition, regarding any expert or witness involved in the case.
Meanwhile, XRP is currently trading at $0.5272, experiencing a 2.38% dip for the day. The cryptocurrency continues to trade below the 50-day and 200-day exponential moving averages, indicating a bearish trend. If XRP breaks past the upper trend line in the graph, it may test the 50-day EMA and potentially breach the 200-day EMA if bullish sentiment takes over.
Other technical indicators, such as the 14-day relative strength index, suggest that XRP bears will dominate in the short term. However, the outcome of the Ripple case remains the primary catalyst for the token’s price movement and could swing it in either direction.
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