XRP Price Rebounds As Ripple Vs US SEC Lawsuit Trial Delayed

XRP Lawsuit: Defendants Ripple Labs, Brad Garlinghouse, and Chris Larsen as well as the plaintiff U.S. Securities and Exchange Commission have informed the court about their unavailability for trial in the second quarter of 2023. As per dates of unavailability of Ripple executives and US SEC in April, the trial will likely happen after the Bitcoin halving.

Ripple Vs SEC Lawsuit Trial No Earlier Than May

Counsel for defendant Ripple Labs notified Judge Analisa Torres that Ripple has no blackout dates and is available for trial throughout the second quarter of 2024, according to a letter dated August 23.

Meanwhile, the U.S. SEC has submitted their blackout dates for trial in response to the pre-trial scheduling order. The SEC marks their presence throughout the second quarter of 2024, except April 15-19, May 1-7, and May 27-31.

Ripple CEO Brand Garlinghouse and executive chairman Chris Larsen have informed Judge Analisa Torres about their unavailability for trial from April 1 to April 14, 2024. Interestingly, Ripple executives have announced dates that coincide with Bitcoin halving.

Therefore, the trial is likely to happen between April 22-26 or else April end. The SEC will be unavailable mostly in May, with a mid-May order likely from Judge Torres. XRP community believes the interlocutory appeal motion by the US SEC will fail to bring XRP price lower as the SEC loses grip on the crypto market. Also, Judge Torres will rule XRP ODL sales in Ripple’s favor as it is not a security.

Read More: US SEC’s Attorney Pascale Guerrier Withdraws From Lawsuit

XRP Price Rebounds

With the XRP Army and lawyers bullish on Judge Torres ruling in favor of Ripple in the SEC lawsuit. Also, the trial and SEC’s appeal almost a year away, XRP price rebounded from negative sentiment.

XRP price currently jumped 3% in the last 24 hours, with the price currently trading at $0.53. The 24-hour low and high are $0.516 and $0.534. However, the trading volume has decreased by 17% in the past 24 hours.

XRP price is trading below 50-MA and 100-MA. Price needs to break above $0.56 in order to have some upside momentum.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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