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New report sheds light on how Ripple plans to defend itself against SEC accusations that it illegally sold XRP as unregistered security.
The price of XRP over the years could play a key role in Ripple’s defense. Citing sources with knowledge of Ripple’s legal strategy, Yahoo finance reports that Ripple plans to show that reporting on Ripple had no impact on the price of XRP.
A key example is that of June 19, 2019, when XRP traded sideways as Ripple announced a strategic partnership with payments giant MoneyGram.
According to CoinMarketCap, XRP started on the 19th at $ 0.4288 and ended the day at $ 0.4368. Within three days, XRP peaked at $ 0.5055 on June 22.
Ripple also reportedly intends to shine a spotlight on its payment products that have nothing to do with XRP to show that its business model is not dependent on a token.
The company is also expected to make the case that the company existed “for years before XRP was created” and currently has healthy liquidity in the crypto markets that has nothing to do with Ripple.
The company is said to claim that routine sales of its native asset are too small compared to the overall trading volume of XRP.
Additionally, Ripple will argue that its sales of XRP were made without buyers realizing they were buying from Ripple, which the company believes in and in itself means that the transaction cannot be an investment contract. .
A preliminary conference on the case has been set for February 22.
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Featured Image: Shutterstock / Blue Andy
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