Ripple Labs Submits Motion to File Sur-Reply in XRP Lawsuit
In response to what it deems as “significant factual mischaracterizations” by the US Securities and Exchange Commission (SEC), Ripple Labs Inc. has submitted a motion to file a sur-reply in the ongoing XRP lawsuit. This legal maneuver represents a critical juncture in the proceedings, with Ripple seeking to clarify inaccuracies presented by the SEC.
SEC Requests Audited Financial Statements and Additional Information
The SEC has requested that Ripple provide audited financial statements for 2022-2023 and disclose documents related to the sale or transfer of XRP to entities other than employees. Furthermore, the SEC is seeking information about the proceeds Ripple received from institutional sales of XRP following the initiation of the lawsuit.
Ripple had previously objected to these requests, but the SEC disputes their objections, asserting that Ripple is mistaken in its claims.
Ripple Challenges SEC’s Portrayal and Allegations
Ripple’s counsel argues in the motion that the SEC’s recent submissions contain inaccuracies that need clarification. They specifically dispute the SEC’s portrayal of their resistance to producing certain post-complaint contracts, emphasizing the dispute over document production burden.
Ripple also rebuts the SEC’s allegations regarding contract documentation provided in a related class action suit, asserting that they did not produce any contracts after December 22, 2020, as claimed by the SEC.
Ripple Aims to Correct Record and Clarify Facts
The motion for leave to file a sur-reply highlights Ripple’s intention to correct the record and provide an accurate understanding of the facts. Ripple asserts that the court would benefit from this additional submission to ensure an informed decision based on an accurate record.
XRP Price Faces Decline
Currently, XRP is trading at $0.51095. The price recently dropped below the 0.618 Fibonacci retracement level ($0.552), indicating a departure from the previous trading range. Attention is now focused on the $0.498 mark (0.786 Fibonacci level), as a breakout in either direction could significantly impact the short-term trajectory of XRP’s price.
Hot Take: Ripple Fights Back Against SEC’s Allegations
Ripple Labs Inc. has taken a significant step in its defense against the SEC’s allegations by submitting a motion to file a sur-reply. By challenging the SEC’s portrayal and disputing inaccuracies, Ripple aims to correct the record and ensure an accurate understanding of the facts in the XRP lawsuit. This move signifies Ripple’s determination to defend itself and highlights the critical juncture reached in these legal proceedings.
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