Increasing activity in the ongoing case between the U.S. Securities and Exchange Commission (SEC) and Ripple has triggered investor interest in XRP this week. The struggling altcoin has seen notable volatility, returning consecutive profits for three days. Data from TradingView shows that on Friday alone, XRP gained 4.52%, rising from an intraday low of $0.51459 to a high of $0.53683.
Friday’s XRP price action capped off a busy week for the altcoin following a series of events between the SEC and Ripple. Both sides engaged in motions and countermotions, arguing about the ongoing case and asking the court to rule in their favor.
Earlier in the week, the SEC filed a challenge to Ripple’s “Motion to Strike,” which asked the court to ignore testimony and documentation from SEC accountant Andrea Fox. The fintech company cited several reasons for its motion, including the late inclusion of new expert materials.
In its filing, the SEC argued that Fox’s testimony did not amount to the inclusion of new expert material and asked the court to strike Ripple’s motion. Over the course of the week, Ripple responded to the SEC’s request with an opposing motion, begging the court not to consider it.
Industry stakeholders such as Bill Morgan, a renowned cryptocurrency lawyer, did not see the possibility of the court granting the “Ripple Motion to Strike.” However, she foresees a situation where the judge will allow the company to depose her based on some expert evidence she provides.
The back-and-forth between the two sides has reignited investor interest and generated buzz around the crypto space. It has injected some volatility into XRP, especially as users expect the case to reach a definitive conclusion soon.
The SEC has asked the court to penalize Ripple with a fine of up to $2 billion for selling XRP as a security to institutional investors. Ripple is defending his position, with the aim of convincing the court of a lower penalty in the ongoing litigation.
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