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Ripple Not Suppressing XRP Price, Legal Analyst Claims

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Thu, 30/05/2024 - 7:18
 Ripple Not Suppressing XRP Price, Legal Analyst Claims
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San Francisco-based Ripple has filed its reply letter in support of its motion to seal documents in connection with the U.S. Securities and Exchange Commission's motion for judgment and remedies.  

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The company has stated that it is no longer selling XRP tokens through over-the-counter transactions.    

"Ripple's current sales of XRP to customers for use in connection with Ripple's ODL product do not have any of the relevant terms of the over-the-counter contracts, such as discounts offered to sophisticated counterparties," the letter says. 

Legal analyst Bill Morgan described the aforementioned statement as a "crushing blow" to those who push fear, uncertainty, and doubt (FUD) that the company routinely suppresses the price of the XRP cryptocurrency by dumping tokens on retail investors. "Ripple points out what by now should be obvious. Sales of XRP to ODL customers do not have any of the terms the Court found relevant in deciding over-the-counter contracts were investment contracts such as price discounts. Ripple offers no discounts to ODL customers based on the evidence I have seen and this statement to the Court," Morgan said. 

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Ripple's ODL sales have a neutral impact on the price of the XRP token, which has been consistently underperforming Bitcoin and the broader cryptocurrency market. 

In the letter, Ripple also insists that its current financial statements are irrelevant to the court's analysis since the company is not arguing that it will not be able to pay potential fines and penalties.

As reported by U.Today, the SEC is seeking to compel Ripple to provide information concerning its sales, revenues as well as current assets. However, the defendant claims that revealing such sensitive details might hurt its business endeavors. 

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