Ripple vs. SEC: Key Dates in the Upcoming XRP Litigation, Here’s What to Expect Next
Over the weekend, the price of There is no doubt that the ongoing SEC v. Ripple case and the SEC’s plans to appeal the programmatic selling decision have affected investors’ mood.
So, after rising 3.54% on Friday, XRP lost some of its gains on Saturday and ended the day at $0.5308. It differed from the rest of the market, up 0.63% to $1.579 trillion.
SEC v Ripple Case Summary
There wasn’t much progress on Saturday, but recent court filings and schedules include Judge Analisa Torres granting Ripple’s request to file a Sur-Reply letter showing the SEC got it wrong. The SEC requested Ripple’s financial documents and contracts concluded after the lawsuit.
The discovery portion of the remedy ends on February 12. In July, Judge Torres made an important ruling that XRP is not a security. He also pointed out that Ripple did not register it as a security when selling to institutional buyers.
Now, as per the latest update, the SEC and Ripple are set to discuss possible penalties for violating Section 5 of the Securities Act of 1933.
Pay attention to key dates
An important date is set in SEC vs Ripple. The SEC must submit a plan by March 13, 2024, Ripple must respond by April 12, and the SEC must respond by April 19. Posting these filings, Judge Torres is expected to rule in the summer and will determine penalties for securities law violations. . Ripple and the SEC reserve the right to appeal after the case is over.
Is there room for uncertainty?
Last August, the SEC requested an interlocutory appeal of the programmatic sales ruling, but the court rejected it in October and postponed the appeal until the case was concluded.
Ripple CEO Brad Garlinghouse expressed optimism about the outcome of the appeal, but uncertainty remains due to the recent SEC v. Terraform Labs ruling. The SEC’s appeal could extend the case until 2025.
How will XRP price react?
XRP is currently in a bearish trend, remaining below the 50-day and 200-day EMAs on both the daily and 4-hour charts. Key resistance is $0.5470 and support levels are $0.52 and $0.5042. The 14-day RSI suggests a possible decline to $0.5042.
If XRP exceeds the 50-day EMA, it could target $0.5470, but if it falls below $0.52, it could lead to $0.5042. Investors should closely monitor legal developments as they will have a significant impact on the market behavior of XRP.