Ripple Bags Another Victory as Judge Dismisses SEC’s Motion
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The judge’s decision over the LBRY case ruled on the pleadings on unconnected “selective enforcement” defense. That said, the defendant’s attorneys argued that its fair notice defense is protected from an SEC attack based on “out of circuit” recently-concluded cases.
The attorneys also highlighted the Commission’s biases as it had yet to strike against LBRY’s fair notice defense plea. They added that this lack of action was not mentioned in the SEC’s proposed Sur-Sur-Reply, which recently got dismissed.
Commenting on the matter, defense lawyer James K. Filan tweeted to his 80K followers:
“In a one-word order, District Judge Torres has DENIED the SEC’s Motion to File a Sur Sur-Reply in Support of its Motion to Strike.”
With the consistent victories by the cryptocurrency company since the start of the lawsuit, the XRP community has become increasingly confident that the case would end in favor of Ripple. The court has given the defendant permission to plead multiple motions, which should help it strengthen its case.
Key Ripple Levels to Watch — February 25
Following yesterday’s Russia-Ukraine war-induced crash to the $0.6231 low, XRP has posted a goodish bounce above the $0.7000 figure after the lingering market uncertainty lifted, prompting investors to purchase the coin at a discount.
The sixth-largest cryptocurrency now faces resistance from the daily 50 SMA at $0.7245 along with the $0.7300 resistance mark. Nonetheless, XRP has a long way to go to boast a bullish recovery amid the trending macroeconomic factors. With the US Fed set to hike its rates next week, XRP’s near-term bearish woes are far from over.
Meanwhile, my resistance levels are $0.7300, $0.7500, and $0.8000, and my support levels are $0.7000, $0.6800, and $0.6500.
Total Market Capitalization: $1.76 trillion
Ripple Market Capitalization: $34.2 billion
Ripple Dominance: 1.94%
Market Rank: #6
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