- SEC’s deadline extension could impact the XRP lawsuit’s timeline.
- CoinsKid’s prediction highlights a critical resistance level for XRP’s potential price surge.
In the ongoing legal tussle between the Securities and Exchange Commission (SEC) and Ripple Labs, Inc., a significant procedural development has emerged. The SEC has formally petitioned for a delay in the remedies-related briefing schedule of the XRP lawsuit, citing “good cause” under the Federal Rule of Civil Procedure 16(b)(4).
This request was directed toward Judge Analisa Torres in the Southern District of New York, aiming for a one-week extension across several critical deadlines.
Ripple Compliance and Collaborative Approach
The request, submitted on February 27, 2024, seeks to adjust the timeline for the filing of all parties’ briefs in the remedies phase. Specifically, the SEC aims to push its deadline from March 13 to March 22, 2024. This shift would consequently delay Ripple’s opposition brief to April 22 and extend the SEC’s reply brief deadline to May 6, 2024.
Jorge G. Tenreiro, representing the SEC, highlighted that this is the first time either party has requested an extension in the remedies-related briefing schedule. Ripple has consented to this request, showcasing a collaborative approach amidst the ongoing legal complexities.
The SEC’s justification for the extension stems from a recent dispute over the scope of discovery, resolved on February 5, 2024. This resolution required Ripple to disclose financial statements to evaluate if its post-lawsuit institutional XRP sales violated securities laws.
According to the SEC, this necessitates an additional week for remedies-related discovery, emphasizing the unforeseen delay’s impact on the briefing schedule. For a deeper dive into these developments, you can find detailed explanation in this Youtube video.
XRP’s Price Prediction
Amidst these legal proceedings, the cryptocurrency market remains vigilant. A tweet from CoinsKid, a renowned crypto analyst on X, has sparked discussions among investors.
#xrp $1.31 loading… pic.twitter.com/csDKdain72
— CoinsKid (@Coins_Kid) February 27, 2024
The analyst predicts that XRP’s price could soar to $1.31 if it breaks through the resistance at $0.7468. This level has been tested twice but remains unbreached, often leading to a price drop.
That analysis is in line with analyst predictions who see a potential 650x increase for the price of the Ripple crypto which is supported by hidden bullish divergence, as previously reported by ETHNews.
At the time of writing, the price of XRP has risen 6.14% in the last 24 hours, reaching a price of $0.5883. This represents an increase of 7.18% over the past 7 days.