The ongoing Ripple lawsuit against the United States Security Exchange Commission has reached a pivotal level. Following the request for a summary judgment by the SEC, Ripple has executed its right to request a memorandum of law against the SEC. In light of the set of events, the XRP token has taken a deep dive against the USD over the last 24 hours.
Ripple vs SEC and What it Means for XRP
About one month after the SEC filed a motion for summary judgment against Ripple, the company behind the XRP token made a move. According to circulating reports, the request for summary judgment was supposed to stop the trial altogether. If this happens, the SEC would have won the case against Ripple and XRP may have been deemed security.
With the memorandum of law, Ripple is contesting the motion for summary judgment by the SEC. While the document is not available to the public, these types of documents are usually used to reinforce the defendant’s position. It means that Ripple is not backing down and is winning to take the case to the next level.
XRP Price Analysis
In other news, the XRP price is down by 3.40% against the USD, trading at $0.4542 at the time of writing. The token is trading within the $0.4536 and $0.4723 trading ranges. The token has lost a significant chunk of the value it accumulated over the last few months. Thanks to the bullish rally, the XRP token was able to rise above the $0.54 level against the USD. However, it has now taken a bearish turn.
All long-term indicators show that the token is still bullish despite the current bearish momentum against the USD. It is also important to note that Bitcoin, Ethereum, and many other cryptocurrencies are currently bearish against the USD. The BTC cryptocurrency is trading at $19,187.06, down by 2.12% against the USD. Ethereum is trading at $1,298.04. It is down by 2.32% against the USD.