As the legal run between the US Securities and Exchange Commission (SEC) and Ripple continues, XRPArmy awaits another XRP price breakout. Ripple’s native crypto is still dealing with high selling pressure while other major tokens are riding high on bullish waves. However, the latest update from the US SEC Vs Ripple case suggests that XRP might have to wait for some more time.
Verdict in Ripple case to see more delays?
Attorney James Filan in a post shared the revised schedule for the upcoming remedies briefing in the long running XRP lawsuit. According to the schedule, the SEC’s opening brief is due on March 22, 2024. However, Ripple will need to file an opposition brief to the commission’s filing by April 22, 2024.
After the defendant’s submission, the US SEC will have to file its reply brief by May 6. The revision in the schedule comes in after the commission requested the court for an extension. The latest schedule suggests that XRPArmy has to wait till May end to seek clarity over the matter.
Earlier, Ripple Labs had requested an extension of the deadline from February 12 to February 20, 2024. The defendant cited a need to respond to discovery requests highlighting post complaint conduct in dispute with the SEC.
Is SEC getting an edge?
It is important to note that the regulator’s motion to compel certain discoveries, including Ripple’s financial statements and XRP sales contracts, was granted on February 5, 2024. This came in as a big win for the SEC as they’ll get their hands on Ripple’s XRP sales data.
Meanwhile, the defendants had argued for an extension due to the complexity of document review. Filling shows that they contend the extension is justified by good cause.
As the Ripple lawsuit is hovering around in a crucial phase of hearings, XRP is looking clueless. Ripple’s native crypto price had dropped by another 3% in the last 24 hours. This depicts a lower confidence among the investors.
XRP is trading at an average price of $0.68, at the press time. Its 24 hour trading volume dropped by a big 30% to stand at $2.3 billion. The token is lagging in the ongoing bull run as it has managed to surge by just 11% on a year to data (YTD) basis. It is still trading down by 82% from its all time high of $3.84 registered on January 4, 2018. Biggest tokens like Bitcoin (BTC) and Ethereum (ETH) have gained more than 73% on the same basis.
