Increased activity in the ongoing case between the U.S. Securities and Exchange Commission (SEC) and Ripple triggered investors’ interest in XRP this week. The embattled altcoin experienced notable volatility, returning consecutive profits for three days. TradingView data shows that on Friday alone, XRP gained 4.52% by moving from a daily low of $0.51459 to a high of $0.53683.
Friday’s XRP price movement rounded up a busy week for the altcoin following a series of events between the SEC and Ripple. Both parties involved themselves in motions and countermotions, arguing over the ongoing case and seeking the court to rule in their favor.
Earlier in the week, the SEC filed against Ripple’s “Motion to Strike,” which sought the court to discount the testimony and exhibit from Andrea Fox, the SEC’s enforcement accountant. The fintech firm cited several reasons for its motion, including the late inclusion of new expert materials.
In its filing, the SEC argued that Fox’s testimony did not amount to the inclusion of new expert material and asked the court to strike out Ripple’s motion. Later in the week, Ripple countered the SEC’s filing with an opposing motion, pleading with the court not to entertain it.
Industry stakeholders like Bill Morgan, a renowned crypto lawyer, did not see the possibility of the court granting “Ripple’s Motion to Strike.” However, he foresees a situation where the Judge will allow the firm to depose her based on some expert evidence she provided.
The back and forth between both parties rekindled investors’ interest and generated a buzz around the crypto space. It injected some volatility in XRP, especially as users expect the case to reach a conclusive end soon.
The SEC filed for the court to penalize Ripple with a fine of up to $2 billion for selling XRP as a security to institutional investors. Ripple is defending its position, aiming to convince the court of a lower penalty in the ongoing litigation.
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