The crypto town has awaken to a bright sunny morning, as the industry’s biggest lawsuit comes across a major win. Ripple in its legal brawl is seeing its efforts bearing fruits, following its hardships. Whilst the defendants move to strike an impermissible rebuttal report.
The court denies the SEC’s motion to strike Ripple’s fair notice affirmative defense. Which emerges as a huge win for the defendants, giving them an ammo in its legal battle. The triumph in the ruling, excites the XRP army and the broader crypto fraternity. In the interim, the price of XRP shoots with double digit gains.
Is XRP’s Price In Tandem With Ripple’s Announcements?
Defense lawyer James K. Filan has brought to the notice of the happenings in Ripple’s lawsuit yet again. In a recent move, the defendants have filed a move to strike an impermissible, late-filed SEC “supplemental” expert rebuttal report. Which is written by Dr. Albert Metz, who is a securities and finance expert.
Successively, Metz was in association with the U.S Department of Justice. And had made a study, to determine if or not Ripple was able to manipulate the price of XRP with its announcements. The expert had come to a conclusion that certain news and public statements did influence the performance of the digital asset.
On the other hand, Allen Ferrel, a professor of securities law. Disagreed that XRP was moving in synchrony with the broader market. Conversely, a recent analysis, which aims to determine the token’s future returns irrespective of Ripple’s involvement. The defendants argue that the new version of the initial rebuttal report does not hold any correlation to the errors.
And aims to contradict the conclusions made by Dr. M Laurentius Marais, and Professor Daniel Fischel. Whose reports claim that Ripple’s announcements accounted only for a modest portion of the token’s price trajectory. The defendants cite that, Dr. Metz’s February 28th report is not a legitimate supplemental report, and that it should be excluded.
Will This Win Flip Any Future Lawsuits Against Digital Assets?
Judge Analisa Torres in the ruling has said that the plaintiff’s have failed to prove their fine points in the case. Which includes its failure to portray that there holds no question of fact and law that would allow the defense to succeed. And also that the plaintiff’s would be prejudiced by the inclusion of the fair notice.
The filing reads that, accordingly, the SEC’s motion to strike Ripple’s fair notice affirmative defense is denied. Successively, the ruling has been a huge win for the defendants. Who can now employ the ruling in further proceeds of the case.
Summing up, the ruling has been a huge win for the defendants and the crypto industry in general. As it would reinforce the stance of any other digital asset in a similar lawsuit. The implications of the win can be seen, with the price metrics of XRP. Which is currently up 10.3% taking the numbers to $0.8145. That said, the optimism if given impetus will help XRP price claim $1 in the short-term.