Ripple Attorney Withdraws From SEC Lawsuit, Will It Affect XRP?

The showdown between the United States Securities and Exchange Commission (SEC) and Ripple took an unexpected twist; recent court filings unveiled yet another Ripple attorney has withdrawn from the ongoing lawsuit. This comes after a motion was made for Anna R. Gressel to part ways with the defendant earlier in the month. Such news has created an air of uncertainty among XRP holders as they wonder what news development will mean for the popular cryptocurrency. Details in the court filing indicate ripple submitted a request to the District Court in the Southern Districts of New York so that Lisa R. Zornberg of the renowned Debevoise & Plimpton LLP will be granted permission to step away from the lawsuit; since Lisa R. Zimmerman won’t be a practicing lawyer with the mentioned Law Firm as from July 31st. Ripple’s relationship with Devevoise & Plimpton LLP remains unaffected by the recent happenings as the withdrawal of Lisa R. Zornberg would not hamper Ripple’s interest of CEO Brad Garlinghouse and Co-founder Chris Larsen. Judge Analisa Torres referred the case to Magistrate Judge Sarah Netburn, who asked the SEC and ripple to come up with three mutually beneficial dates to settle talks regarding institutional sales of XRP. The introduction of ripple’s plans boosted investor’s confidence and sudden rise in XRP prices; causing it to go 33% higher than its initial July opening of 0.47 USD. Despite experiencing a slight dip of 0.5% in past 24 hours values by CoinGeecko it’s current value at 0.071 is incomparably impressive.

Robert Wilson author
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