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Parties File Administrative Motions Ahead Judge Order
XRP Lawsuit: In the latest development in the Ripple class action lawsuit, parties have filed administrative motion to file under seal. The court set deadlines for motions and hearings in July after a recent order by a district court judge, with a deadline to file the narrowed motion to seal was set for Monday.
Ripple has urged the court to consider Judge Torres’ summary judgment as ‘programmatic buyer’ reasoning applies with equal force to this case.
Minor Update to In re Ripple Labs Inc Litigation
In the latest filings with the court late July 8, parties filed Administrative Motion to File Under Seal, Administrative Motion per Civil Local Rule 7-11, and attachments to an Administrative Motion to File Under Seal.
Judge Phyllis Hamilton earlier directed the parties to reconsider their sealing motions as the court denied the sealing of any portions of the parties’ briefs. Judge Hamilton granted an order in response to a joint request by Brad Garlinghouse, Ripple Labs, and XRP II to seal certain exhibits.
As CoinGape reported, Judge Phyllis Hamilton in this Ripple XRP lawsuit set a July 8 deadline to file the narrowed motion to seal. The court will further issue a separate order on the narrowed motion to seal by the parties. The case was also referred to Magistrate Judge Robert Illman for settlement conference. The parties also expected to file a notice indicating whether they continue to seek the exclusion of four experts’ testimony by July 26.
Ripple won most of the arguments in the summary judgment as plaintiffs failed to prove that XRP is a security and investors rely on Ripple’s efforts for profits.
Also Read: XRP Battles Turbulence Amid 237M XRP Whale Transfers, $1 Still
XRP Price Eyes Recovery
Pro-crypto lawyer Fred Rispoli estimated Friday, July 12 or late July as the potential deadline for order in the remedies phase. Whales are accumulating XRP ahead of Judge Torres’ final judgment over penalties.
XRP price continues to trade near $0.43 in a move to surpass the key level of $0.45. The 24-hour low and high are $0.422 and $0.4421, respectively. Furthermore, the trading volume has decreased slightly in the last 24 hours.
The pressure continues to remain on XRP as derivatives traders are not interested right now as technical chart look weak. In lower time frame, XRP price must rebound above descending trending to continue moving towards the psychological level at $0.45. The price is currently below 200-SMA at $0.44 and above 100-SMA at $0.43.
Also Read: Spot Bitcoin ETFs Inflow At 3-Week High, Institutions Buying Heavily Ahead Key Events
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