SEC Requests 1-Week Extension in Ripple Lawsuit as XRP Surges to $0.58
SEC Requests Extra Week for Ripple Lawsuit Briefing
The Securities and Exchange Commission (SEC) has asked Judge Analisa Torres of the Southern District of New York to extend the deadline for its remedies-related briefing in the ongoing lawsuit against Ripple Labs, Inc. The request, submitted on February 27, 2024, aims to provide enough time for both parties to fulfill their obligations given recent developments.
Former U.S. federal prosecutor James K. Filan reported that the SEC is seeking an extension for filing briefs related to the remedies phase. Specifically, the SEC wants its opening brief deadline to be moved from March 13 to March 22, 2024. If granted, Ripple’s deadline to submit its opposition brief would shift from April 12 to April 22, 2024, and the SEC’s deadline to file its reply brief would extend from April 29 to May 6, 2024.
Importantly, Ripple has consented to this request, demonstrating a collaborative approach between the parties in navigating the legal complexities of the case.
The SEC justified its extension request by referring to a recent dispute over the scope of discovery that was resolved on February 5, 2024. This dispute involved Ripple being ordered to share financial statements to assess potential breaches of securities laws related to institutional XRP sales after the lawsuit was filed. The SEC argues that due to this delay in the discovery process, more time is needed to gather information about potential remedies.
Jorge G. Tenreiro, representing the SEC, highlighted the hard work put in by both parties and their agreement that additional time is necessary. This extra time will be used to carefully review recently obtained documents and complete the briefing process thoroughly.
The court has yet to rule on the SEC’s extension request. If approved, it would alter the schedule for filing briefs regarding potential remedies in the case. The lawsuit is currently scheduled for a jury trial starting on April 23, 2024.
In terms of XRP’s price, it is currently trading at $0.58, showing a 5.09% increase in the last 24 hours and suggesting a potential bullish trend. The weekly RSI exhibits an inverted head and shoulders reversal pattern, indicating that a move above 50 points in RSI could further boost the upward momentum with a target of reaching $0.60 soon.