Judge Grants Extension for Remedies-Related Discovery in Ripple vs SEC Case, XRP Soars to $0.52
In the midst of the ongoing legal dispute between Ripple and the U.S. SEC, Judge Analisa Torres has granted Ripple’s request for an extension in the discovery process related to remedies. The extension pertains to the SEC’s request for detailed financial statements for 2022-2023 and specific information regarding post-complaint XRP institutional sales.
Ripple’s plea for an extension was approved by Judge Analisa Torres in response to their Motion for an Extension of Time for remedies-related discovery. This ruling, however, comes after Magistrate Judge Sarah Netburn approved the SEC’s motion, which required Ripple to provide details on their financial statements for 2022-2023 and post-complaint XRP institutional sales contracts.
Ripple has already assured that they will comply with the SEC’s demands, including sharing their financial statements for 2022-2023 and information about XRP sales. Nevertheless, Ripple has expressed difficulty in gathering three years’ worth of XRP sale information and has requested additional time. As a result, the deadline has been pushed from February 12 to February 20, 2024. Ripple believes it is reasonable to ask for extra time when necessary.
Moving forward to the remedies phase of the legal battle, both Ripple and the SEC are preparing legal briefs for the March and April proceedings. The Court will subsequently determine the remedies to be imposed.
Despite the challenges posed by the legal proceedings, Ripple remains steadfast in its commitment to maintaining high standards of compliance, ethics, and transparency. The company reaffirms its dedication to allocating the necessary resources to fulfill its legal obligations.
In terms of XRP’s price movement, there has been a notable 11% increase in 24-hour trading volume, indicating heightened interest from traders and speculators. This positive trend aligns with a 2.38% rise in market capitalization, reaching $28 billion.
Over the past 24 hours, XRP has experienced a 2% surge, bringing its current price to $0.52. During this period, the price fluctuated between $0.5119 and $0.5214.
The XRP community may be excited and hopeful for the price of XRP to surpass the $0.60 support level. It is interesting to note that this support level reached its highest point at $0.82 in July, around the same time when Judge Torres made a favorable ruling for Ripple.