The US Securities and Exchange Commission and Ripple Labs executives have reached an agreement to extend the timeframe of the lawsuit and delay court proceedings through 2022. This means that the legal dispute could continue well into the next year.
The extension was requested by both sides in a written request to Judge Sarah Netburn who is currently presiding. The revised schedule was approved by Judge Netburn.
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The Story of Case Vs. Ripple
Ripple Labs has raised capital of $1.3 billion through the sales of XRP tokens between 2013 and 2020.
The SEC had not indicated that Ripple was in any way being scrutinized when it filed a lawsuit against Ripple at the close of 2020.
Ripple traded on more than 200 exchanges in that time.
The SEC, on the other hand, concluded that Christian Larsen, Ripple’s co-founder, and Bradley Garlinghouse, Ripple’s current CEO, illegally raised cash because XRP was not a registered securities but was offered to investors around the world.
The Legal Showdown Continues Until Christmas
The joint letter’s new provisions require the defense to file statements and any motions against expert witnesses by August 2, while objections must be filed by November 2. To be considered a resistance, it must be answered by December 20.
The revised timeline follows the SEC’s request for an extension to file an objection to Judge Netburn’s decision on the Motion for Reconsideration of the DPP Ruling. This was the regulator’s second request for an extension in the matter.
Source: TradingView.com| Source: TradingView.com
James Filan, defense lawyer, tweeted Stuart Alderoty’s tweet:
“To all that have been following the case thus far – thank you. Know that Ripple is working hard (and the Court is pushing hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.”
XRP price analysis
At the time of writing, however, XRP had risen 0.26 percent and was at $0.7073. The crypto declined 1.70 percent on Saturday and ended the day at $0.7055, down 2.06 percent from Friday’s close.
On April 24, Ripple’s XRP fell for the fourth consecutive day, and the latest update had no discernible effect on the price.
To break through the $0.7117 pivot, XRP will need to move towards $0.7204. Wide crypto market support is required for XRP to break the $0.7150 area.
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Today, the cryptocurrency trades at 82% off its record high of $3.84194.
XRP was trailing the wider crypto market throughout the week. This was due to market risk aversion.
News updates in the Ripple-vs. SEC case have also pushed down XRP, which had been challenged at $0.70.
Featured Image from Times Tabloid. Chart by TradingView.com
