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Sunday, July 21, 2024

Ripple v. SEC Lawsuit Update: SEC Requests Deadline Extensions

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  • The SEC seeks more time for document preparation in its ongoing lawsuit with Ripple.
  • XRP’s price has seen an increase, with predictions of a significant future surge.

The SEC’s Request

The legal battle between Ripple and the United States Securities and Exchange Commission (SEC), which has been ongoing for years, is nearing a grand trial scheduled for April 23, 2024.

Before that, though, both parties need to comply with necessary court rules and present essential documents. Federal Judge Analisa Torres ruled last year that the SEC must file its brief with respect to remedies by March 13, whereas the company must file its opposition by April 12.

According to a recent letter, the regulator requested an extension to its deadline to March 22 and asked if Ripple’s opposition brief could be filed by April 22. The latter supposedly agreed to the proposed terms.

The SEC argued that a potential extension would give it more time to properly complete the review of the necessary data and finalize its remedies-related briefing.

“Good cause” exists to grant this brief extension under Federal Rule of Civil Procedure 16(b)(4). The SEC has been diligent in completing remedies-related discovery and briefing… Given the foregoing, the SEC respectfully requests that the Court modify the remedies-related briefing deadlines as set forth herein,” the Commission’s letter reads.

This is not the first time one of the two entities has requested an extension of certain deadlines related to the lawsuit. Ripple had until February 12 to provide important documents included in the remedies-related discovery phase but received an additional eight days to do so.

XRP Price Outlook

The latest developments surrounding the lawsuit coincide with a price resurgence of Ripple’s XRP. It has spiked by 6% (per CoinGecko’s data) in the past 24 hours, reaching almost $0.60.

XRP Price, Source: CoinGecko

Numerous analysts have recently predicted that XRP could explode to unseen peaks in the near future. Earlier this week, EGRAG CRYPTO compared the asset’s performance from 2017 with the current “cycle’s bottom” to envision a price ascent to as high as $27.

Those curious to find out which important factors signal that XRP might be on the verge of a massive bull run in 2024 could take a look at our dedicated video below:

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