- XRP price tumbles as deadlines for the formal pretrial information exchange are set by Judge Torres.
- Attorney Fred Rispoli says Judge Torres’ ruling on XRP is ironclad till mid-2026.
- The altcoin’s price witnessed a rapid pump and sell-off following unconfirmed news of XRP ETF filing by BlackRock.
Judge Analisa Torres issued her ruling in the SEC v. Ripple lawsuit on July 13. Since the ruling however, both parties are still embroiled in a disagreement and attorneys expect a settlement between the two. Judge Analisa Torres has set new deadlines for the formal exchange of information pretrial, indicating a long-drawn conclusion to the lawsuit, likely in 2024.
Crypto proponent attorneys believe that the payment giant is likely to settle with the US financial regulator, for a value much lower than the $770 million demanded by the Securities and Exchange Commission (SEC).
Also read: XRP price slides 5% as experts revisit Judge Torres’s judgment in the Ripple versus SEC case
SEC v. Ripple lawsuit schedule for 2024
Judge Analisa Torres, the presiding judge in the SEC v. Ripple lawsuit has set new deadlines for remedies discovery and briefing. Judge Torres reviewed the letter dated November 9 and set four key deadlines for the two parties:
- February 12, 2024 for completion of remedies-related discovery (exchange of information, pretrial)
- March 13, 2024 for filing briefs with respect to remedies
- April 12, 2024 for defendants (Ripple) to file their opposition
- April 29, 2024 for the plaintiff (SEC) to file their reply
It is Attorney Fred Rispoli’s opinion that with the above timeline, no appeal would be issued before mid-2026 by the 2nd Circuit. This cements Judge Torres’ July 13 ruling, offering regulatory clarity on XRP tokens. Attorney Rispoli says, “The July 13, 2023 ruling by J. Torres will be ironclad for a very long time.”
This timeline means no chance an appeal would be issued before mid-2026 by the 2nd Circuit. The July 13, 2023 ruling by J. Torres will be ironclad for a very long time.
— Fred Rispoli (@freddyriz) November 13, 2023
Regulatory clarity has fueled demand for XRP among both retail and institutional traders.
XRP price recently rallied to $0.7496, before a sell-off, in response to rumors of an XRP ETF filing by asset manager BlackRock.
BlackRock XRP ETF rumors send altcoin soaring, before sell-off
BlackRock, a large asset manager, scotched rumors it was launching a Ripple ETF by clarifying it is not attempting to launch an XRP exchange-traded fund (ETF), according to a Coindesk report.
A regulatory filing evidencing an XRP ETF filing by BlackRock, however, did the rounds on social media platforms like X, fueling a bullish sentiment among holders and sending the altcoin 10% higher, before its recent pullback.
Rumored XRP ETF filing by BlackRock
At the time of writing, XRP price is down nearly 8% on the week and 2% on the day. The altcoin erased its weekly gains once the rumors surrounding XRP ETF were addressed by the asset manager.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
FLOKI rallies 9% on Tuesday, proposal to burn over 15.2 billion tokens is in the voting process
FLOKI holders are currently voting on a proposal to burn over 15.24 billion tokens, with 99% of the voters in favor of the event. The meme coin rallied 9% on the day on Binance.
Top 3 meme coins price prediction Dogecoin, Shiba Inu and Bonk: Memes wipe out gains from GameStop rally
Meme coins Dogecoin, Shiba Inu, and Bonk rallied alongside top meme tokens in response to GameStop’s rally on Monday. As legendary trader “Roaring Kitty” resurfaced on X with a series of tweets, meme tokens rallied, piling gains on Monday.
Arbitrum price sets the stage for 30% recovery rally Premium
Arbitrum (ARB) price is showing signals that suggest the downtrend could be coming to an end. If this development is coupled with improving Bitcoin price outlook, then ARB could be due for a quick move to the upside.
XRP climbs above $0.50 as Ripple files motion to seal documents in connection with SEC lawsuit
Securities and Exchange Commission (SEC) lawsuit against Ripple saw an update as the payment remittance firm filed a motion to narrowly seal documents related to the remedies-phase.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.