Ripple and SEC speculated to settle the lawsuit; XRP price rallies to a two-week high
- Ripple and SEC filed a joint letter to push the date of filing the cross-motions by a week.
- The nature and timing of the filing fuelled speculations of a settlement brewing between the two entities.
- XRP price continued rising on May 19, inching closer to the key resistance level at $0.48.
Ripple has been fighting the Securities and Exchange Commission (SEC) for nearly two and a half years now, and the case is finally seemingly coming to an end. As the summary judgment inches closer, it looks like both the parties involved in the lawsuit might be interested in putting it to bed.
Also read - Ripple vs. SEC: Pro-XRP lawyer on how “total victory” can be assured
Ripple and SEC could finally settle
Ripple and SEC settling has been speculated for a while now, but the most recent development in the case makes the current discussion one of the most concrete suppositions yet. The speculation began making rounds after the regulatory body and XRP parent company filed a joint letter On May 19.
The parties of the lawsuit are demanding an extension for a week to file public, unredacted versions of cross-motions for summary judgment and accompanying exhibits. This would push the date back to June 13.
#XRPCommunity #SECGov v. #Ripple #XRP Parties file Joint Letter for one week extension, until June 13, 2023, to file public, unredacted versions of cross-motions for summary judgment and accompanying exhibits, which includes the Hinman materials. pic.twitter.com/ystntXCJl1
— James K. Filan (@FilanLaw) May 19, 2023
But the inference of this development being an attempt to settle is drawn out of two factors. The first was the timing and nature of the letter, which came at the eleventh hour and was jointly filed. Secondly, the cross-motions will include the Hinman emails, which the SEC would not want to be revealed to the public.
However, these exhibits that also include the controversial Hinman materials, according to pro-XRP lawyer John Deaton, will be made public regardless. He stated,
“Roslyn Layton intervened for the purposes of the public getting to read these documents. Judge Torres said her motion was moot b/c the documents must be made public. The 2nd Circuit will NEVER overturn that ruling. Dragonchain, Coinbase, etc will all seek these documents.”
Besides, most of the community supports a settlement as it would bring the case to an end sooner, while others are demanding an absolute victory. In any case, the likely outcome of the summary judgment is expected to be in Ripple’s favor.
Thus, regardless of a settlement, XRP price is going to continue its uptrend.
XRP price remains green
Over the last week, XRP price has risen by more than 10%, regaining the losses it endured in the last two weeks. The altcoin is now approaching a crucial resistance level at $0.48, and breaching it would mark a one-month high.
XRP/USD 1-day chart
Flipping this level into a support floor is necessary for a push to $0.50, which currently stands as the last barrier before the cryptocurrency is able to rally back up to mark a new 2023 high above $0.54.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
