Federal Judge denies XRP holders’ motion to intervene

In the hearing, a federal judge refused to accept any kind of intervention by the XRP token holders in the lawsuit filed against the Ripple firm. 

As we know, a case has been going on between the Securities and Exchange Commission & San Francisco based firm Ripple since 10 months. There are many allegations by the SEC over Ripple firms, like manipulating the XRP market and unfair way of selling the XRP securities. 

Read also: Ripple firm is ready to settle case with the SEC

In the recent hearing, Federal Judge Analisa Torres said that any of the XRP holders or users cannot enter in this case to fight. But XRP holders are allowed to provide details and information regarding the case, whether information will be in favour/against Ripple no matter. 

“Accordingly, Movants, in their individual capacities, shall be permitted to act as amici curiae in this action. As such, Movants shall be allowed to assist the Court by briefing legal issues relevant to the case”

This sounds interesting but here the main reason for such statements by the Federal Judge was because, recently Attorney John Deaton of Deaton Law Firm raised his concern on the Ripple VS SEC case and claimed that there are many XRP traders and holders, because of this ongoing lawsuit, they are facing loss. 

This was the main reason to order the XRP holders to not be allowed to offer evidence or present witnesses. 

Here it will not be bad to say that the price of XRP is highly dependent upon the hearings results because many times when Ripple shows his solid point against the SEC, then XRP surged by small percentages and vice versa. 

Well it will be interesting to see, when this case will end up or in the end, Ripple will settle the case with the SEC in reality. 

Read also: FED will soon Launch Review Process for CBDC research