XRP, the world’s fourth largest cryptocurrency in terms of total market capitalization, has been much more resilient than others, although it fell hard with the overall market. The main reason behind this durability may be the developments of XRP regarding the case.
XRP Holds As The Market Suffers
The XRP price dropped by only 5% in the 7-day period when Bitcoin fell by 25%, Ethereum by 16%, and Dogecoin by 16.5%, revealing that investors did not sell XRP and on the contrary, bought it. So what are the developments or developments that excite investors so much?
A recent petition and filed by the US Securities and Exchange Commission (SEC) points to a major shift for XRP investors. The SEC filed a petition against Ripple’s objection that “the SEC did not provide us with information about XRP or offered fair defense.” The SEC stated that the laws are clear and that they are not obliged to notify any institution about this.
Key Points from Ripple Defense
Much of Ripple’s defense is based on exactly this situation and the concern of XRP investors seems to have increased with this petition. The SEC also stated that Ripple had received advice from many institutions about XRP in previous years, and it was recognized that it had a risky securities status.
In the 34-page statement put forward by Ripple’s lawyers on May 13, it was emphasized that the SEC was “trying to justify itself by bending the law”. While the SEC requested Ripple to disclose its advisory information about XRP, Ripple argued that these were secret documents. Ripple’s lawyers will have studied their lesson that they previously requested that the verdicts of the case between Upton and the SEC be taken as precedent.
XRP Expectation Increases With Upton Case
During the lawsuit process of the Upton company, Ripple’s “we were not informed in sufficient time” defense was made and the court found Upton right on this issue. Ripple suffers from lack of information while XRP has a security risk and the SEC is investigating this issue, and sees it as a malicious move of the SEC.
In the last defense of Ripple, it is emphasized that all transactions are recorded on XRP Ledger, and XRP is the currency of this network. Emphasizing that Ripple never promised profit over XRP, Ripple’s lawyers seem to have gone over the SEC in the last hearing.
The expectation of XRP investors started to increase with these developments. Although the trial dates in June are not yet clear, XRP investors appear to have positive expectations regarding these two controversial issues.