- Ripple submits all required documents to SEC; court grants extension for SEC review.
- XRP community eagerly awaits Judge Torres’ final verdict, potential price surge hinted by JacktheRippler.
The long-running legal saga of Ripple Labs and the US Securities and Exchange Commission (SEC) seems to be coming to an end. The company behind the XRP crypto has submitted all the documents requested by the SEC, including financial reports and details of the institutional sale of XRP.
Legal Milestone Achieved
In a recent court ruling, the SEC has been granted a week’s extension to review the documents provided and submit the opening briefing related improvements.
The XRP community is awaiting the final verdict of Judge Torres, especially after the SEC lawyer stated to the court that they have no intention of appealing the XRPs status. The deadline of March 22nd for briefing on the improvement will be an inflationary point that will definitely determine the direction of the XRP ahead.
Thro this legal battle, the SEC has faced a defeat in a legal challenge against Ripple Labs, including when the SEC withdrew lawsuits against two Ripple executives, Brad Garlinghouse and Chris Larsen.
Furthermore, Empower Oversight urged the SEC and the Office of Inspectors-General (OIG) at the final stage of an investigation into the SEC’s alleged bias against crypto and Ripple, with a sticky highlighting of former SEC Director William Hinman. The conclusion of this investigation will be a determining factor in the long case.
Interestingly, the SEC has not filed additional authority in the XRP lawsuit to argue that secondary market sales are securities, considering them as investment contracts under the Howey Test.
Of course, it has sparked criticism from the crypto community and lawyers, indicating that the SEC is still arbitrary and impolite.
Following Judge Torres’ order giving an extra week to the SEC, the new deadline for the SEC and Ripple is as follows:
- March 22nd: SEC opening brief on discovery documents related to the remedies.
- April 22nd: The deadline to Ripple to file an objection to the brief
- May 6th: The deadline for SEC to file a response against the Ripple
Interpretation of investment contracts such as crypto assets was weakened by Bill Morgan’s lawyer. John Deaton, the lawyer for more than 75,000 XRP holders, also stated that the SEC could not appeal against the non-securities status of XRPs, as decided by Judge Torres.
After the submission of the document, Judge Torres can reflect and decide on the SEC’s argument about sanctions on the post-XRP complaint. Meanwhile, the XRP price has fallen by more than 1% in the last 24 hours, with the price currently traded at $0.6876. Its still reflects an increase of 10.14% in the last 7 days.
XRP Community’s Anticipation
However, the well-known crypto analyst, JacktheRippler, recently tweeted about the potential price of XRP to slide to $1 to $4 if it manages to penetrate the Symmetrical Triangle pattern. This marks the high expectations of the crypto community for the final outcome of this lawsuit.
Who is ready for this? #XRP pic.twitter.com/9RZpfOB3Hu
— JackTheRippler ©️ (@RippleXrpie) March 13, 2024
With trading volumes decreasing 40% in the last 24 hours, this indicates a decline in interest among traders, there is a formation of vigilance. However, many of them believe that the price of XRP can reach $3 this year, as formerly reported by ETHNews.