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SEC v Ripple: XRP price rises 8% to $0.40 ahead of 30 November summary judgement filings

By Darius McQuaid

13:07, 25 November 2022

In this photo illustration, the US Securities and Exchange Commission (SEC) seal is seen displayed on a smartphone screen
On 5 December the filings will be made public - Photo: Getty Images

The US Securities and Exchange Commission (SEC) and Ripple Labs, the company behind ripple (XRP), must file their summary judgements by 30 November.

In December 2020, the SEC filed a lawsuit against Ripple, arguing that XRP was a security.

A summary judgement would mean that the lawsuit would not have to go to trial and instead ask District Judge Analisa Torres to make a ruling based on the arguments filed in documents.

The motions for a summary judgement were filed at the Southern District of New York.

In the run-up to the official filing of the summary judgements, XRP has enjoyed increases in value. As of 9:35am GMT on 25 November, XRP is up by 8% compared to the previous day to $0.40.

The crypto is also up by 6.34% compared to a week ago, according to CoinMarketCap.

XRP to USD 

BTC/USD

66,993.40 Price
-0.160% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.60 Price
+3.390% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,510.44 Price
-0.010% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
+8.240% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

The timeline of the summary judgement filings

Once both parties have filed their summary judgements they will remain under seal. Then 2 December, the SEC and Ripple Labs will meet to jointly discuss the redactions in the court filings, NEWSBTC explained.

On 5 December, the filings will be made public and then on 22 December, Ripple Labs and the SEC’s omnibus motions to seal all documents related to the summary judgment motions will be filed.

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Is a case settlement on the cards?

Australian lawyer and crypto enthusiast, Bill Morgan has said that from his experience, a case settlement is now possible after the summary judgement filings.  

Morgan added that a settlement agreement could be reached at any time without the public knowing. Via Twitter Morgan said: “Nobody outside the parties will know until the parties say it has settled.”

Brad Garlinghouse, CEO of Ripple Labs, said at the DC Fintech Week conference in October 2022 that the end was in sight, and the lawsuit would end in the first half of 2023. The CEO also said that he would consider a settlement, as long as XRP is not classified as a security.

Markets in this article

XRP/USD
Ripple / USD
0.59608 USD
0.01943 +3.390%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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