XRP printed a massive green candle on its hourly chart following the news that the Ripple summary judgment briefs were now available to the public. XRP suddenly gained 5% within an hour amid rising expectations in the Ripple lawsuit.
Although it has pared some of its hourly gains, XRP remains up 8.33% in the last 24 hours and 7.43% against the background of several crypto assets, which were mostly trading flat at press time. XRP is presently trading at $0.38 after reaching intraday highs of $0.394. A successful close above $0.365 would mark XRP's third straight day of positive gains.
The optimism also spread to Ripple's rival, Stellar (XLM), which was up 5.86% in the last 24 hours.
According to Ripple General Counsel, Stuart Alderoty, "The day is finally here" as the Ripple-SEC motion for summary judgment is public. The motions were expected Monday, Sept. 19, so they came quite earlier.
Alderoty shares his hot take on the summary judgment briefs. "After two years of litigation, the SEC is unable to identify any contract for investment (that's what the statute requires) and cannot satisfy a single prong of the Supreme Court's Howey test. Everything else is just noise. Congress only gave the SEC jurisdiction over securities. Let's get back to what the law says," he stated in a thread of tweets.
The briefs have elicited several responses from the community. Attorney Jeremy Hogan commented, "I just read the briefs and the SEC has got a couple of big problems: Its expert agrees that most of the changes in XRP price are due to market forces (and not Ripple)."
He further added, "The SEC failed to get on record that any XRP purchaser heard Ripple's alleged marketing pitch; a big problem because it has the burden to prove everything here."
Fred Rispoli, a law expert much interested in the Ripple case, says, "This will take hours to really dive into, but skimming through SEC's brief, unsurprisingly it is relying heavily on marketing efforts. While this is the weakest point for Ripple, I just don't think it is close to being weak enough to give SEC the win."
Rispoli added, "I think the only winning argument SEC has relates to Ripple marketing XRP. But zooming out from this tree and looking at the forest, it's just not enough for the SEC to win."
An XRP community member, however, believes there is no winning argument from the SEC since its expert concludes that XRP price movement comes from major market movements and not from Ripple marketing efforts.
Ripple has almost a month to file its opposition to this set of motions, with opposition briefs expected to come in by Oct. 18. Replies to these are expected to come in by Nov. 15, by which time all briefings will be completed and Judge Torres' final decision will be awaited.
On or before March 31, 2023, James K. Filan predicts that Judge Torres will decide simultaneously on expert motions and summary judgment.