Defense attorney James Filan has shared an important update regarding the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs. In a recent post, Filan disclosed that the SEC has filed its remedies, reply brief, and supporting documents. However, these documents are currently under seal and not available to the public. Publicly redacted versions of the documents will be filed on May 8, 2024.
As part of the sealing process, both parties and third parties involved in the case are required to file an Omnibus letter motion. This motion is necessary to seal all materials related to the remedies-related briefing. Additionally, the parties involved must also submit proposed redactions to the material. Opposition briefs to the omnibus letter motions to seal must be filed by May 20.
This recent development follows earlier reports of disagreement between Ripple and the SEC regarding the testimony of Andrea Fox, known as the “Fox Declaration.” Ripple argues that the testimony is unsolicited expert opinion, while the SEC sees it as standard summary evidence. The outcome of this disagreement could have a significant impact on the case.
In terms of XRP’s price analysis, the cryptocurrency has faced resistance in breaking above the 50-day and 200-day EMAs, suggesting a bearish signal. However, if XRP manages to break above the 50-day EMA, it could target the resistance level of $0.5739 and potentially reach $0.6. Analysts note that while there may be a bullish near-term signal, the longer-term outlook remains bearish.
Overall, investors are eagerly awaiting the conclusive outcome of the legal battle between Ripple and the SEC. The outcome will likely guide their investment decisions regarding XRP.