The ongoing legal battle between Ripple and the SEC has sparked heated discussions in the crypto market. Recently, pro-XRP lawyer Bill Morgan stepped in to address the misinformation surrounding Ripple's ODL sales, emphasizing that these transactions do not negatively impact XRP's price.

Ripple's legal team recently submitted a reply to Judge Analisa Torres, countering the SEC's arguments in its motion for judgment. The filing highlighted that the SEC's claims about Ripple's financial condition are irrelevant to the court's determination of remedies. Ripple also emphasized that its financial situation should not be a factor in the court's analysis, as the company has never disputed its ability to pay any potential penalty.

Pro-XRP Lawyer Disputes FUD on Ripple's XRP ODL Sales

In a recent post, Bill Morgan addressed the FUD surrounding Ripple's XRP ODL sales, reinforcing Ripple's stance in the ongoing lawsuit. Morgan pointed out that Ripple does not offer price discounts to ODL customers, which debunks claims that Ripple's sales to ODL customers negatively impact XRP's price. He also emphasized that the notion of Ripple dumping on retail investors is baseless, as ODL sales have a neutral effect on XRP's price.

Morgan expressed frustration at the persistence of such misinformation, reiterating that he has previously provided numerous reasons why these claims are unfounded. He highlighted that the update is crucial in deciding whether over-the-counter contracts are investment contracts.

A Closer Look at the Development

In its latest filing, Ripple argued that the SEC should not have access to its sensitive financial records without substantial justification. The company pointed out that revealing such information could be unnecessary if the court decides not to consider the SEC's purportedly crucial facts. Notably, Ripple maintained that it has a valid, commonly accepted basis for sealing its confidential financial information.

Ripple also challenged the SEC's assertion that its historical contracts are no longer relevant. The company explained that the terms of its contracts are confidential and that future counterparts could unfairly benefit from learning the specifics of past agreements. Ripple reiterated that the court had already ruled that XRP is not a security, emphasizing that the sale of XRP did not equate to the sale of investment contracts as described in the court's summary judgment.

Despite the update, XRP price fell 0.92% as of writing and exchanged hands at $0.5248, down from its 24-hour high of $0.5321. On the other hand, its trading volume from yesterday rose 13% to $1.56 billion.