Ripple vs SEC Lawsuit Update: SEC Contemplates Conclusion of Long-Running XRP Suit
- March 22 is edging closer, and it’s a critical day in the Ripple vs SEC lawsuit as the regulator will offer its opening brief on proposed XRP remedies.
- XRP has dipped in the past day, continuing its poor run since Monday, and is now accumulating in a narrow range, with experts predicting it could dip further before reversing the momentum to test $0.7440.
It’s been three years since the US Securities and Exchange Commission sued Ripple for securities violations, and we are now heading into the final phase of the landmark lawsuit. The entire crypto community now awaits March 22 when the faceoff on the remedies kicks off; meanwhile, XRP has had a rough week and is now accumulating in a tight range.
As Crypto News Flash has reported on several occasions before, March 22 is a critical date for XRP and the broader crypto community. On this day, the SEC will give its opening brief for remedies, with Ripple afforded one month to respond on April 22. Two weeks later, on May 6, the SEC will get its last opportunity to reply to Ripple’s opposition, as Attorney James Filan revealed today.
#XRPCommunity #SECGov v. #Ripple #XRP Below is the revised schedule for remedies briefing: (1) @SECGov’s opening brief is due on March 22, 2024, (2) @Ripple’s opposition brief is due on April 22, 2024, and (3) @SECGov’s reply brief is due May 6, 2024.
— James K. Filan
(@FilanLaw) March 14, 2024
(@FilanLaw) The briefs will kick off the final round of showdowns as the lengthy battle starts to unwind. It’s not yet clear when the judgment will be delivered, but everyone, including ChatGPT, is taking a crack at predicting when the showdown will take place.
As the showdown inches closer, most legal experts believe Ripple stands a great chance to emerge victorious. The blockchain payment company has won critical battles against the SEC in the past year. Ripple’s triumphs were captured in a March 13 report by the Harvard Law School Forum on Corporate Governance that stated:
In 2023, the SEC suffered a high-profile loss in the Ripple matter in which a district court judge held that Ripple’s sale of XRP to buyers on digital asset exchanges did not constitute the offer or sale of securities.
"In 2023, the @SECGov suffered a high-profile loss in the @Ripple matter in which a district court judge held that Ripple’s sale of #XRP to buyers on digital asset exchanges did not constitute the offer or sale of securities." –@HarvardCorpGovhttps://t.co/aWOE0nemIC
— CryptoLaw (@CryptoLawUS) March 14, 2024
XRP Accumulating—What Way Next?
XRP trades at $0.6818 at press time, shedding a paltry 1% in the past 24 hours, in line with broader market movements—Bitcoin lost 0.54%, Ethereum 2.3% and Polygon 2.71%.
After hitting a local high on Monday at $0.7421, XRP has lost some of its momentum. After a quick dip on March 12, it has been trading in a tight range. Since then, it has been consolidating between $0.675 and $0.71, with some experts expecting the token to dip to $0.6370, where it will find strong support. An accumulation at this range could break out to $0.7440 before testing its local resistance at $0.80.
Technical indicators, including the Awesome Oscillator, point to an upside for XRP.
Meanwhile, the XRP community continues to record new milestones. The latest is the Coreum XRPL Bridge, which connects the XRP Ledger to the Cosmos network and the Ethereum Virtual Machine. The bridge allows XRP to move around some of the largest networks seamlessly.
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