Ripple Submits Fresh Motion, Dismissing Allegations of XRP Price Suppression

Attorney Bill Morgan has stated that Ripple’s recent submission in the SEC lawsuit addresses claims regarding the effect of ODL-related sales on the price of XRP.
Ripple Labs, a San Francisco-based cryptocurrency payments company, has filed a response letter to further support its motion to seal exhibits related to the SEC’s motions for remedies and judgment.
As usual, Attorney James K. Filan shared Ripple’s latest filings on the social media platform X.
It should be recalled that on May 21, the U.S. SEC opposed Ripple’s omnibus sealing motion, arguing that the requests to seal could hide important information from the public that could be relevant to the court’s decision on remedies.
Specifically, the SEC requested that the court reject Ripple’s request to seal financial figures and terms used to determine and justify the remedies requests. The regulatory agency also opposed Ripple’s demand to seal the financial details of the discounts offered to institutional buyers of XRP.
In the latest filing, Ripple emphasized that it had already addressed several of the SEC’s arguments in its opposition to the regulatory agency’s remedies-related opening brief. However, it responded to two arguments raised by the SEC in its May 21 opposition brief.
Ripple argues that the SEC incorrectly claims that details about its current financial status are relevant to the court’s decision on remedies. The company clarified that it is not arguing about its ability to pay the measured penalty but is instead pushing to seal highly confidential business information to protect its interests and those of third parties.
“The SEC should not be able to force disclosure of Ripple’s highly sensitive confidential financial information simply by raising baseless arguments, especially when the court can reject those arguments without considering any of the highly confidential facts,” the company stated.
Secondly, Ripple also criticized the SEC’s assertion that its past contracts are irrelevant due to its change in the method of selling XRP.
The company referred to the declaration of its CFO, Jonathan Blitch, which emphasized the confidentiality of these contracts and how future counterparties could gain an advantage by learning about the negotiated terms of past contracts.
Furthermore, Ripple argued that its current sales of XRP no longer meet the characteristics that the court determined were “institutional sales” during summary judgment.
“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,” Ripple added.
Ripple has dismissed claims that it suppresses the price of XRP through its ODL-related sales. Pro-XRP lawyer Bill Morgan highlighted the significance of Ripple’s argument about ODL-related sales, noting that it indicates Ripple does not suppress the price of XRP through these sales.
Critics have accused Ripple of indirectly dumping XRP on retail investors through its ODL-related sales, which they believe has negatively impacted the price of the coin. However, Attorney Morgan stated that Ripple’s argument shows that ODL sales have no impact on the price of XRP.
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