Ripple Files New Motion, Refutes Claim About XRP Price Suppression
Ripple filed a new motion in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). In the latest filing on May 29, Ripple dismissed claims that it suppresses the XRP price through over-the-counter (OTC) token sales.
According to the filing, Ripple no longer conducts OTC XRP sales transactions. Instead, the company sells XRP to customers through its ODL (On-Demand Liquidity) product, which does not offer discounted pricing like the OTC deals.
“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,” the filing stated.
The statement challenges the claim that Ripple intentionally suppresses XRP’s price by dumping tokens on retail investors through discounted OTC sales.
Legal analyst Bill Morgan noted that the evidence suggests that Ripple did not offer any pricing discounts to its ODL customers.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a reply letter in further support of its Motion to Seal documents in connection with the @SECGov’s Motion for Judgment and Remedies. pic.twitter.com/NeuFZII1m8
— James K. Filan
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