The SEC has asked Judge Analisa Torres of the Southern District of New York to move up the deadline for briefings regarding relief in its ongoing lawsuit against Ripple Labs, Inc. by one week. The request, submitted on February 27, 2024, aims to allow: Given recent circumstances, this is sufficient time for both parties to fulfill their obligations.
Subheading:- SEC requests one-week extension
Former U.S. Attorney James K. Filan reported that the SEC asked Judge Analisa Torres of the Southern District of New York to extend the deadline for filing briefs related to the relief phase.
First, the SEC is seeking to move the deadline for filing relief-related discovery briefs from March 13, 2024, to March 22, 2024.
However, if approved, Ripple’s objection filing deadline will be moved from April 12 to April 22, 2024, and the SEC’s response filing deadline will be extended from April 29 to May 6, 2024.
Importantly, this request received consent from Ripple, reflecting a collaborative approach between the parties to resolve legal complexities.
Subheading:- Reasons for expansion
The SEC justified its request for an extension by citing a recent dispute over the scope of discovery that was only resolved on February 5, 2024. The dispute included an order for Ripple to share financial statements to assess possible securities law violations related to institutional XRP sales. After lawsuit.
Meanwhile, the SEC recently said it needs more time to gather information about potential relief due to delays associated with the discovery process.
Jorge G. Tenreiro, representing the SEC, pointed out that both the SEC and Ripple have been working hard and both agree that more time is needed. This additional time will be used to carefully review recently obtained documents and thoroughly complete the briefing process.
Court decision pending
The court has not yet ruled on the SEC’s request for an extension. If approved, it will reschedule the filing of a brief regarding potential remedies in the case. Meanwhile, the lawsuit is currently scheduled for a jury trial starting April 23, 2024.
XRP Price Analysis
XRP is currently trading at $0.58, up 5.09% over the last 24 hours, indicating a potential bullish trend.
However, the weekly RSI shows an inverse head and shoulders reversal pattern. If RSI breaks above 50 points, the upward momentum could expand and aim to reach $0.60 soon.