Bittime - There is good news for XRP holders! The long-running lawsuit between Ripple and the SEC appears to be ending soon. Ripple has submitted all the details requested by the SEC, including financial reports and XRP sales to institutions after the lawsuit was filed.
In addition, the court also gave the SEC an additional one week to review the documents and file opening documents regarding the penalty.
The XRP community is eagerly awaiting Judge Torres' final decision. Moreover, the SEC's own lawyers stated to the court that they had no intention of filing an appeal regarding XRP's status.
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The March 22 deadline for filing documents related to the penalty will be a turning point for the price of XRP and overall crypto market sentiment.
SEC Looks to Lose Momentum
So far, the SEC seems to be having difficulty in this lawsuit. Judges have ruled in favor of Ripple's lawyers several times, including when charges against Ripple executives Brad Garlinghouse and Chris Larsen were dropped.
Furthermore, independent watchdog agency Empower Oversight is pressuring the SEC and OIG (Office of Inspector General) to investigate the SEC's alleged bias against crypto and Ripple, with former SEC Director William Hinman in the spotlight. The conclusion of this OIG investigation could be the deciding factor for the SEC vs Ripple Labs lawsuit.
Worse yet, the SEC did not raise additional arguments in the XRP case to declare the sale of XRP in the secondary market as securities. In fact, they previously considered it an investment contract based on the Howey Test.
However, the SEC actually appealed the court ruling in favor of Binance and Coinbase. This sparked criticism from the crypto community and lawyers, because it was considered inconsistent.
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Key Dates in the XRP Lawsuit
After Judge Torres granted additional time to the SEC, here are the next important dates:
- March 22: SEC deadline to file opening documents regarding penalties
- April 22: Ripple deadline to respond to SEC documents
- May 6: SEC deadline to reply to Ripple's response
Legal experts such as Bill Morgan consider the SEC's arguments regarding penalties for post-lawsuit sales of XRP to institutional investors quite weak.
John Deaton, attorney for more than 75,000 XRP holders, also said that the SEC cannot appeal XRP's status as a non-security as Judge Torres ruled.
Once all documents are filed, Judge Torres will consider and rule on the SEC's arguments regarding penalties for XRP sales to institutional investors.
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XRP Price: Potential to Rise to $0.9?
XRP price has indeed fallen 2% in the last 24 hours, currently trading at around $0.68. However, market players are optimistic that the price of XRP can reach $2 this year, especially if Ripple wins the SEC lawsuit. So far, the price of XRP has been held back due to the shadow of the lawsuit.
Options data on Deribit shows traders predict the price of XRP will reach $0.9. This optimism emerged after the price of XRP touched $0.74 this week. It should be noted, this XRP options trading has just been launched on the crypto derivatives exchange.
XRP Performance in a Week
Source: Bittime
Although the Ripple vs SEC lawsuit shows positive developments, the price of XRP has experienced a decline in the last few days. The graph shows a price decline of 4.52% in a week. Here's a summary of the performance:
Latest Price: 0.6489 USD
24 Hour Price Change: -6.11%
24 Hour High: 0.7073 USD
24 Hour Low: 0.4957 USD
24 Hour Trading Volume (XRP): 4,956
It can be seen that the price of XRP fell by 6.11% in the last 24 hours, with the lowest price reaching 0.4957 USD. This shows that there is selling pressure in the market.
Despite this, 24-hour trading volume is still relatively high at 4,956 XRP. This shows that there is still quite high interest in XRP in the market.
It should be noted that short-term XRP price movements can be influenced by various factors, such as market sentiment, news, and speculation.
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Also read:
XRP Breakout: Latest XRP (XRP) Price Analysis and Predictions
XRP Whales Move Tens of Millions of XRP As Price Approaches $0.6
Tracing the Conspiracy Behind XRP
Bitcoin vs XRP, Which is Superior?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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