What to Anticipate Next in the Ripple vs SEC Lawsuit: Important Dates and Insights

2024-01-28

XRP experienced a slight decline of 0.19% over the weekend, reaching a price of $0.5308. This was in contrast to the general upward trend seen in the cryptocurrency market. It is clear that investors’ sentiment was impacted by the ongoing SEC v. Ripple case and the SEC’s intention to appeal the programmatic sales decision.

Following a 3.54% increase on Friday, XRP faced some losses on Saturday and ended the day at $0.5308, deviating from the rest of the market, which rose by 0.63% to $1,579 billion.

A Recap of the SEC v. Ripple Case
There were no major developments on Saturday, but recent court papers and schedules revealed that Judge Analisa Torres approved Ripple’s request to file a Sur-Reply letter that exposes the SEC’s error. The SEC has requested financial documents and contracts from Ripple that were made after the lawsuit.

The discovery phase regarding remedies will conclude on February 12. In July, Judge Torres made a significant decision stating that XRP is not a security. She also noted that Ripple did not register it as a security when it was sold to institutional buyers.

According to the latest update, the SEC and Ripple will discuss potential penalties for violating Section 5 of the 1933 Securities Act.

Important Dates to Watch Out For
In the SEC v. Ripple case, several crucial dates have been set. The SEC must present its plan by March 13, 2024, while Ripple must respond by April 12, and the SEC must reply by April 19. Following these filings, Judge Torres will determine the penalties for breaches of securities law, with a ruling expected in the summer. Both Ripple and the SEC retain the right to appeal after the conclusion of the case.

The next significant dates in the SEC v. @Ripple case are as follows:

– March 13, 2024: Deadline for the SEC to file its remedy-related brief.
– April 12, 2024: Deadline for Ripple to file its opposition to the SEC remedy-related brief.
– April 19, 2024: Deadline for the SEC to…

Room for Uncertainty?
In August, the SEC sought an interlocutory appeal against the Programmatic Sales ruling, but the court rejected it in October, postponing any appeal until the conclusion of the case. Ripple CEO Brad Garlinghouse remains optimistic about the outcome of an appeal, although uncertainty lingers due to the recent SEC v. Terraform Labs ruling. An SEC appeal could prolong the case until 2025.

How Will XRP Price React?
Currently, XRP is displaying a bearish trend, staying below the 50-day and 200-day EMAs on both daily and 4-hour charts. The key resistance level is at $0.5470, while support levels are at $0.52 and $0.5042. The 14-day RSI indicates a possible decline to $0.5042.

If XRP surpasses the 50-day EMA, it may target $0.5470, but a drop below $0.52 could lead to $0.5042. Investors should closely monitor legal developments as they greatly influence XRP’s market behavior.

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Ripple (XRP)

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