Ripple’s request to seal evidence related to the remedies briefing in their ongoing legal battle against the SEC has been met with opposition from the regulatory commission. The SEC argues that concealing financial and securities sales information from the public is inappropriate, as this information is crucial to determining the desired remedies in the case.
While the SEC agrees that Ripple’s recent financial statements can be sealed in their entirety, they strongly disagree with the proposal to redact information about the company’s revenues and expenses dating back to 2014. According to the SEC, this data is essential for understanding Ripple’s XRP sales and is relevant to the legal process.
In the midst of this dispute, a prominent XRP investor, Rzn, sold approximately 29 million XRP to a centralized exchange in Luxembourg City. This transaction has sparked speculation about the future price movements of XRP and the implications for its cryptographic journey.
Currently, XRP is valued at $0.5438, marking a 5.8% increase in the last 24 hours. The cryptocurrency has also experienced a significant surge in trading volume, indicating growing interest among traders.
The recent rally in XRP’s price can be attributed to the increased likelihood of the SEC approving a spot Ethereum ETF. As a result, exchanges have been requested to update their 19b-4 filings.
The legal dispute between Ripple and the SEC began in December 2020 when the SEC accused Ripple and its executives of unlawfully acquiring over $1.3 billion through an unregistered securities offering involving the sale of XRP. The case has gone through several revisions and is currently in the trial phase, which started on April 23, 2024.
Source: Cryptopolitan, Florence Muchai