XRP price dips marginally amid progress in SEC v. Ripple lawsuit's discovery phase
- XRP price noted a drop of 0.76% on Monday as the SEC lawsuit entered the final week of remedies-related discovery phase.
- A federal judge granted Ripple an extension of remedies-related discovery deadline and moved it to February 20, 2024.
- Crypto expert states SEC v. Ripple lawsuit could end as early as 2024 or see a push to 2028 if either party appeals to the Supreme Court.
XRP price climbed 3.70% in the past week and declined slightly on Monday as the SEC v. Ripple lawsuit entered its final week of the discovery phase. The Court granted Ripple’s request for extension of remedies-related discovery deadline from February 12 to 20.
The payment remittance firm is likely compiling its financial statements and institutional sales contracts for the Securities and Exchange Commission (SEC), this week. The payment giant’s lawyers previously stated that the SEC’s request for information is burdensome and Ripple needs time to compile the information.
A crypto expert analyzed the SEC v. Ripple lawsuit and identified seven possible ways in which the lawsuit could end.
Also read: XRP price could deteriorate with Ripple’s request for deadline extension in SEC lawsuit
Daily Digest Market Movers: SEC v. Ripple lawsuit drags on, experts state legal battle could end in 2028
- The SEC v. Ripple lawsuit has been a focal point for XRP holders, given its influence on the altcoin’s price.
- According to the latest development in the lawsuit, the deadline for the remedies-related discovery phase was extended from February 12 to 20.
- This allows more time for the payment remittance firm to gather the information that the SEC seeks.
- The extension of deadlines in the lawsuit could delay the end of the SEC v. Ripple lawsuit.
- A crypto expert behind the X handle @AshleyPROSPER1, analyzed the different scenarios for the lawsuit and predicted that it could end as early as 2024 or as late as 2028.
- The expert explains that the lawsuit could end at any time if the two parties decide to settle. If Ripple and SEC accept the remedies ruling from Judge Analisa Torres with no further appeals from either side, the case could end as early as 2024.
- However, an appeal from either side to the second circuit could send the case to 2026 or 2027. An appeal to the Supreme Court Of the US could see the lawsuit drag until 2028 before a final outcome.
#XRP #XRPCommunity
— Ashley PROSPER (@AshleyPROSPER1) February 6, 2024
I've thought of 7 possible ways the Ripple case could end.
1. Ripple and SEC reach settlement... case ends. (Anytime)
2. Ripple and SEC accept remedies ruling from Judge Torres, and no one files an appeal.... case ends.
(By the end of 2024)
3. Ripple…
Technical Analysis: XRP price could rally 7% to $0.5629
XRP price dipped slightly on Monday, however the technical indicators show that the altcoin is likely to rally. XRP price is $0.5223 on Binance, at the time of writing. The green bars on the Awesome Oscillator (AO) and the Moving Average Convergence/ Divergence (MACD) support the thesis of gains in XRP price.
XRP price faces resistance at R1, $0.5629. This level is key to XRP since it represents the 50% Fibonacci Retracement of the decline from the 2024 high to the January 31 low of $0.4853. A rally to R1 represents nearly 7% gains in XRP.
The support for XRP price is $0.4968, just below the psychologically important level of $0.50.
XRP/USDT 1-day chart
A daily candlestick close below the support at $0.4968 could invalidate the bullish thesis for XRP price. If XRP price plummets, it could dip to the January 31 low of $0.4853.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
