Ripple vs SEC Update: SEC Files an Objection to the ‘Amici Request’

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In the ongoing battle between Ripple and Securities and Exchange Commission (SEC), the latter has informed the court that it intends to file an objection to XRP holders’ amici request for permission. John Deaton had filed an amici status application, which will allow him to represent approximately 67,000 XRP investors in the current legal battle.

#XRPCommunity #SECGov v. #Ripple #XRP Amici request permission to file brief regarding SEC expert who claims to know motivation of XRP holders when purchasing XRP. Amici also seek access to expert’s report and deposition testimony. https://t.co/Vw8LwUuLYN

— James K. Filan 96k+ (beware of imposters) (@FilanLaw) May 22, 2022

Due to the forthcoming holiday and other briefing deadlines, the SEC is requesting an extension of time until June 7 from Judge Analisa Torres. Defendants and amici curiae lawyers have raised no objections to the request, indicating that the court will most likely allow it.

In October, attorney John Deaton’s application to intervene was dismissed. Six XRP holders, on the other hand, were awarded amici status by the court, allowing them to help the court. Deaton urged the court in May to write a brief on behalf of other community members who have been touched by the litigation.

The move came in reaction to expert SEC witness Patrick Doody’s testimony, which aimed to explain why XRP investors bought the token.

XRP holders believe that “it is difficult to imagine” a more pressing matter justifying their attendance at the expert testimony briefing. Their presence will contribute to the “full and plenary presentation” of the problems at hand.

XRP Price Faces Rejection

The price of XRP fluctuates daily as new developments in the SEC vs. Ripple case and market movements have an impact on the coin. Ripple price analysis continues to be bearish today, with the price dropping more than 0.14% in the last 24 hours to $0.41. 

XRP continued a horizontal pattern that has been in action since the 10 percent loss on May 18, 2022, after failing to break through the static level at $0.45 once more. Bulls have tried to drive the price higher since then, but have been rejected several times near the $0.45 mark. XRP price would need to break through the $0.65 mark to indicate a trend change.