SEC leads new blow against Ripple – analysts still see XRP price increase
The U.S. Securities and Exchange Commission (SEC)recently filed a Letter of Supplemental Authority in the Ripple case to support its lawsuit against Ripple.
Attorney Jeremy Hogan, a notable legal expert with keen interest in the case, commented that the SEC’s lawsuit could prove to be the boomerang:
“In the Ripple case, it is the SEC that is trying to dispel the” fair notice “objection, and it has a heavy burden of proof to bear.
SEC strikes at Ripple
He also pointed out the difference between the SEC’s lawsuit against Fife and the SEC’s lawsuit against Ripple. Fife has been sued by the financial regulators for, among other things, unregistered traders. In late 2021, a court denied Fife’s motion to dismiss the lawsuit on the “fair notice” argument.
“In the Fife lawsuit, the defendant attempted to dismiss the lawsuit in full with the argument of” fair notice “and failed because the burden of proof for a party requesting the deletion of a pleading is very high.”
In July 2021, presiding judge Sarah Netburn approved interviewing former SEC division chief William Hinman. The court then scheduled the expert hearings for January 14th and 19th, 2022. The SEC’s current move comes as a surprise in view of the course of the proceedings so far.
The litigation had negatively impacted the XRP rate in 2021, although it kept recovering. Despite these problems, Ripple expanded to various other countries around the world and announced that 2021 was its best business year so far.
At press time, XRP was down $ 0.77, following the general downtrend in the market. However, XRP could see a 33% – 44% surge to $ 1 to $ 1.10 if there is a reversal. Should that happen, $ 0.70 is the immediate level of support for the token.
Incidentally, several analysts, including “@Bitboy_Crypto” believe that XRP will soon be pumping. Cryptoanalyst “@XRP_Pro” pointed out the similarities between the current price trend of XRP and its bullrun of 2021.
“@CarpeNoctum” notes, however, that Ripple did not have a fixed trend in its quarterly price movements, which makes a forecast a little difficult.
However, experts including Hogan and attorney John Deaton believe Ripple is headed for a win and that the case could be closed by April 2022.