(Ekta Mourya – FXStreet)
– In the legal battle between the SEC and Ripple, the regulator seeks permission to limit expert testimony, in a 120 page motion.
– Experts believe this move will pressure the Ripple defense team as the SEC presses to exclude the testimony of ten experts.
– XRP price breaks into a rally breaking through major resistance levels in its uptrend.
The SEC intends to file a motion to exclude the testimony of as many as ten experts retained by Ripple Labs, Christian Larsen and Bradley Garlinghouse. Experts consider the motion a move to pressure the defendant’s legal team.
Also read: Ripple does not stand a chance against SEC, affirms former securities regulator
SEC aims to exclude testimony from ten experts
The US Securities and Exchange Commission intends to file a motion to exclude or limit the testimony of ten experts retained by Ripple Labs, Christian A. Larsen and Bradley Garlinghouse. Experts argue that the plaintiff is intent on filing this motion to pressure the Ripple defense team and exclude the initial and/or rebuttal reports regarding numerous subjects that experts have testified on.
Therefore, the request to file one omnibus motion is a pressure tactic. The big motion targets up to 120 pages long testimony of experts. The final judgment could make or break the ongoing litigation.
XRPArmy is still waiting on a court ruling on Hinman’s 2018 speech-related documents, and whether they fall under attorney-client privilege. The SEC aims to seal the response and file the omnibus motion.
Omnibus motion could save a lot of time for the court and the party that brings in the motion. If the court finds the request reasonable, it is likely to be granted, though it is controversial.
Ripple has not objected to the SEC’s motion, but asked for similar privilege to be provided to them during the opposition filing.
Analysts expect Ripple squeeze to the upside to continue
Analysts at FXStreet have evaluated the XRP price uptrend and noted a similar pattern as observed in the Bitcoin and Ethereum chart. In XRP the current market price resides in the middle of the range and analysts have predicted a squeeze to the upside could continue.
XRP price has posted 8% gains over the past week and analysts predict continuation of the altcoin’s uptrend.
Analysts have identified key price levels. For more information, watch this video: