Pro-Ripple attorney Bill Morgan has recently slammed the U.S. Securities and Exchange Commission (SEC), criticizing the regulator’s new opening brief in the XRP lawsuit. On Thursday, Morgan rebuked the regulatory body’s claims in the opening brief, calling out on its lack of understanding of how the crypto market works. This saga, amid XRP price hitting $3, has gained significant traction across the crypto market globally.
Pro-Ripple Lawyer Slams SEC As It Files New Opening Brief In XRP Lawsuit
The U.S. SEC filed opening brief in the United States Court of Appeals for the Second Circuit, sparking market discussions globally. The opening brief alleges that Ripple breached securities laws through its XRP sales, as also seen under the ‘Howey Test.’ Notably, “the American blockchain company’s actions and representations to investors (about increasing the value of their native coin) created a common expectation of profits,” the opening brief added.
In an X post on January 16, attorney Bill Morgan criticized most of the claims made in this opening brief, stating, “This is absolute garbage and shows an appalling lack of knowledge by the SEC of how crypto markets work and price rises.” Morgan primarily points towards the market’s movement as a whole, saying rising tides and prices occur at a much broader level and not due to the promotions of an issuer.” All boats rise when the market rises and this usually conforms to Bitcoin rises,” he added.
New Opening Brief Follows Stipulation Filing In XRP Lawsuit
Meanwhile, it’s noteworthy that the opening brief follows both parties’ mutual decision to file a stipulation in the ongoing XRP lawsuit. CoinGape reported yesterday that the U.S. regulator and company agreed on a timeline to file a deferred appendix regarding cross-appeals in the Ripple vs. SEC case.
Simultaneously, massive whale movements amid these legal maneuvers have also sparked noteworthy market intrigue. CoinGape revealed that XRP whales moved roughly 130M tokens amid recent legal developments, adding to speculations.
XRP Price Gains Unprecedentedly
Moreover, the American blockchain company’s native coin price has gained to unprecedented levels amid a broader crypto market recovery despite the increase in U.S. CPI inflation data. As a result, the abovementioned chronicle has further echoed a market frenzy. At press time, XRP price witnessed an 8% uptick in value and is currently trading at $3.07. The coin’s 24-hour low and high were $2.72 and $3.18, respectively.
The rising movement amid broader legal developments has sparked quite the investor enthusiasm. Moreover, despite legal uncertainty clouding the coin’s future run, market sentiments remain bullish concerning long-term prospects. CoinGape Media spotlighted that Ripple’s coin is among the leading cryptos that showcase the potential for long-term gains.
Additionally, with the rising odds of an XRP ETF, per JP Morgan analysts, traders and investors continue to eye the crypto asset optimistically. In conclusion, the crypto has emerged as the talk of the digital assets sector, riding the back of legal developments and phenomenal price gains.
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