Important Ripple vs. SEC Lawsuit Update Five Months Before the Trial

TL;DR

• Ripple vs. SEC: Ripple has been in a legal battle with the SEC since December 2020 over allegations of selling XRP as an unregistered security. Ripple achieved partial victories, including a favorable ruling on its past sales and the dismissal of charges against its executives.
• Ongoing Proceedings: The case is ongoing with a major trial set for April. Deadlines for both parties to submit briefs extend into early 2024.
• Market Impact: The lawsuit’s outcome is expected to significantly influence XRP’s price. Analysts predict potential increases in XRP’s value depending on the case’s resolution and market factors.

The Latest Detail of the Saga

The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has been ongoing for almost three years and is among the most discussed topics in the world of crypto. It all started in December 2020 when the regulator sued the blockchain enterprise for selling billions worth of XRP as an unregistered security.

Both entities were firing shots at each other in the following years, standing their ground and capturing even more attention. One pivotal moment of the drama occurred in July this year when a US Federal Judge determined that Ripple’s programmatic sales from years ago did not include an offer of investment contracts. XRP reacted with a rapid increase above $0.85 but descended to approximately $0.50 shortly after.

The company secured a second partial victory against its big enemy when the magistrates dismissed the SEC’s wish to appeal the initial ruling and a third one when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the watchdog.

Despite having the upper hand, the saga is far from over, with a grand trial planned for April to determine the outcome. Most recently, Judge Analisa Torres set a schedule for remedies-related discovery and briefing. Both parties are required to complete the necessary procedures before February 12, 2024.

The SEC must file its brief with respect to remedies by March 13, 2024, whereas Ripple must file its opposition by April 12, 2024.

Where is XRP Headed?

It is safe to assume that an eventual Ripple win in the lawsuit against the SEC could positively impact the price of XRP and infuse enthusiasm in the entire cryptocurrency sector. Several experts and even the AI-powered language model – ChatGPT – have suggested that this could be among the main factors behind a possible rally for the asset next year.

Some analysts have predicted that XRP’s rise might not wait until spring 2024. The X (Twitter) user EGRAG CRYPTO thinks the token’s valuation could ascend to as high as $1.40 by the end of 2023 should it overcome a major resistance level, described as a “consolidation” zone. 

For their part, Dark Defender believes an impressive surge this week could lift XRP to approximately $0.87 on November 19.

Those curious to find out how the asset could perform in the remaining quarter of the year could take a look at our dedicated video below: