The SEC alleges that Ripple has sold $3 billion worth of XRP since the lawsuit began, and has also sold $1.3 billion worth of XRP off the books since 2013. Judge Torres, however, dismissed the individual sales as securities, reducing the amount of XPR potentially securitized to approximately $770 million.
ODL sales could put Ripple in trouble
While the crypto expert thinks that XRP sales through the ODL system could put Ripple in trouble, the company claims that if such a decision is made, the company may appeal and prolong the litigation process. This is because Ripple argues that investors who buy XRP through ODL do so without any expectation of profit from the company's activity. As a result, in the event of a high fine, it remains unclear whether Ripple is closer to paying this fine and moving on or appealing the decision and extending the litigation process.
On the other hand, the SEC requested two documents from Ripple through the court while making its new move regarding the case. The first of these is reports on the company's XRP sales, while the other is Ripple's audited financial statements for the 2022 - 2023 period. Ripple is expected to submit its response to this request by the end of the week.
Since the summer, the news flow about the litigation process had weakened. This week, the SEC - Ripple case has entered the crypto agenda again. Eyes are now turned to April, when the next hearing of the case will take place. Speculations that may be put forward until April may cause fluctuations in the XRP price.
As a result, while the legal process is expected to end this year, Ripple CEO Brad Garlinghouse showed that he intends to appeal if the result is not in their favor by not stepping back. According to the latest developments, the next few months could be eventful for Ripple.
The latest situation in XRP
While speculation accelerates with new developments in the case between the SEC and Ripple, there are low-volume transactions in XRP. The general outlook of the cryptocurrency, which has been moving horizontally in the 0.57 - 0.58 dollar band for the last 3 days, continues to be bearish.