Over the last several days, the value of Ripple (XRP), which is the seventh-largest cryptocurrency in the world, has been trending downward. At the time of this writing, one unit is worth $0.3428, which represents a decrease of 2.73% over the course of the previous 24 hours and 8.5% over the course of the previous week.
The current price behavior of the token, in conjunction with Jim Cramer’s recent remarks on XRP, has prompted investors to have an unfavorable opinion against the cryptocurrency. Cramer encouraged investors to liquidate their cryptocurrency holdings and get out of the market while there is still time to do so. The billionaire is of the opinion that XRP might fall dramatically in 2023 and reach a low of $0.
But crypto whales don’t appear to care about the price movement or Cramer’s remarks or even rumors that Ripple may lose its lawsuit against the SEC. Based on the information provided by WhaleAlert, cryptocurrency whales have recently purchased about 138 million XRP tokens which is around $52.1 million.
As the amicus curiae submit a fresh request, the Ripple case is drawing closer to the pronouncement of Summary Judgement. An amicus curiae, also known as a “friend of the court,” is a person or organization who is not a party to a legal issue but is authorized to help the court by offering pertinent information, knowledge, or insight. This assistance might take the form of submitting a brief or testifying in court.
Nicole Tatz Withdraws As Ripple’s Counsel
In a startling turn of events, crypto lawyer James K. Filan tweeted that Nicole Tatz, an attorney representing Ripple Labs Inc. CEO Bradley Garlinghouse, has sought to withdraw as their counsel in the ongoing case.
Since she no longer wishes to be associated with the law firm, she has said that other lawyers at the United States law firm Cleary Gottlieb Steen & Hamilton LLP will continue to be a counsel of record for Bradley Garlinghouse in this lawsuit.
However, this will not affect things in any way. The case will proceed in the same manner as it has. The SEC and Ripple have both submitted their last briefs, asking the court to rule in their favor and grant them summary judgment. Although, before appealing the decision, the SEC may first seek to have it reconsidered as a summary judgment.
To the announcement of Tatz’s departure as Ripple’s counsel, the cryptocurrency community on Twitter has reacted in different ways. There are many who don’t care about her decision or her reasons for doing so, pointing out that individuals often leave their jobs. Also, it’s not like it would change the result of the case anyhow.
In contrast, others are concerned, assuming that this spells trouble for Ripple. But I really doubt it. The legal firm seems to be the only motivation for Tatz’s departure, rather than Ripple itself. As a result, it will have no bearing on the outcome of the lawsuit. In spite of the SEC’s efforts, we remain optimistic that Ripple will ultimately prevail.