- Legal analysts believe Ripple will not succeed in striking the declaration of expert witness Andrea Fox in their ongoing SEC case.
- Despite Ripple’s legal challenges, the XRP price has shown resilience, buoyed by recent market activities.
- The upcoming SEC reply could be key, potentially leading to further discussions on penalty negotiations.
Ripple Labs faces a potential legal hurdle as expert opinions suggest its motion to strike an expert declaration may be unsuccessful. Legal professionals closely monitoring the case believe that the judge will permit the deposition of Andrea Fox, whom Ripple has contested as an expert witness in their ongoing dispute with the U.S. Securities and Exchange Commission.
The issue stems from Ripple’s claim that the SEC included an expert declaration by Andrea Fox beyond the agreed discovery deadline. This declaration is central to determining if institutional investors suffered financial losses due to Ripple’s actions, crucial in deciding the penalties Ripple may face for alleged securities law violations with XRP offerings.
Bill Morgan, a seasoned pro-XRP attorney, expressed skepticism about Ripple’s chances in this motion. He explained that the court is likely to recognize the merit in Fox’s contributions and allow further examination through deposition. Emphasizing the importance of this phase in the litigation, Morgan stated, “The judge will accept that Fox presented some expert evidence.”
Additionally, Ripple awaits the SEC’s next filing, which will address the penalties. While Ripple suggests a $10 million fine based on precedents, the SEC may propose a higher amount, prolonging the discussions on remedies.
Jeremy Hogan, an attorney, also echoed Morgan’s sentiments, underscoring the challenge Ripple faces. Hogan remarked, indicating that Fox’s deposition would proceed regardless of the motion’s outcome, “It’s difficult to predict court motions in favor of the SEC, but in this instance, it seems likely.”
Despite these legal battles, XRP’s market performance has shown signs of resilience. XRP is exhibiting a bullish trend as the market recovers from the recent slump. At press time, XRP is trading at $0.5245, up by 1.90% in the past 24 hours. The market capitalization has seen a mere increase of 1% standing at $28 billion while the trading volume has seen a significant decline of 20% with a value of $1.12 billion.
