SEC Vs Ripple Lawsuit: SEC Seeks 1-Week Extension, XRP Surge to $0.58

Ripple Vs Sec

In a bid to accommodate recent developments, the U.S. Securities and Exchange Commission (SEC) has formally approached Judge Analisa Torres of the Southern District of New York, urging her to push forward the deadline for the remedies-related briefing in their ongoing legal tussle with Ripple Labs, Inc.

This request, submitted on February 27, 2024, aims to provide ample time for both sides to fulfill their obligations in light of crucial recent events.

An Urgent Plea

Former U.S. federal prosecutor James K. Filan has reported that the SEC seeks an extension of the deadlines for filing briefs related to the remedies phase.

The primary focus is on shifting the deadline for the remedies-related opening brief from March 13 to March 22, 2024.

If granted, Ripple’s deadline for submitting its opposition brief would extend from April 12 to April 22, 2024. Additionally, the SEC’s deadline for filing its reply brief would be pushed from April 29 to May 6, 2024.

Importantly, this extension request has received Ripple’s consent, highlighting a collaborative approach between the parties to navigate the intricate legal landscape.

Also Read: XRP Price Soars 4.5% as Ripple vs SEC Lawsuit Heats Up, XRPL Plans Revealed!

Reasons for the Extension

The SEC justifies its extension plea by pointing to a recent dispute over the scope of discovery, resolved only on February 5, 2024. This dispute centered around Ripple’s obligation to share financial statements to assess potential breaches of securities laws related to institutional XRP sales post-lawsuit.

The SEC claims that the recent delay in the discovery process necessitates more time to gather information about potential remedies.

Efforts Intensify

Jorge G. Tenreiro, representing the SEC, emphasized the joint effort of both the SEC and Ripple, acknowledging the need for additional time. This extra time will be dedicated to a meticulous review of recently obtained documents and a thorough completion of the briefing process.

As of now, the court has not ruled on the SEC’s extension request. If approved, it would reshape the schedule for filing briefs regarding potential remedies. The lawsuit is currently slated for a jury trial commencing on April 23rd, 2024.

Read More: Ripple and Coinbase Get a Boost? Top SEC Lawyer Switches Sides, Joins White & Case

XRP Price Analysis

Presently, XRP is trading at $0.58, marking a 5.09% increase in the last 24 hours—a potential indicator of a bullish trend.

However, the weekly Relative Strength Index (RSI) displays an inverted head and shoulders reversal pattern. A potential move above 50 points in RSI could sustain the upward momentum, with a target of reaching $0.60 in the near future.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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