Ripple Labs and US Securities and Exchange Commission executives have agreed to extend the proceedings timeline and postpone proceedings until the end of 2022. This suggests that their legal standoffs are likely to continue until next year.
The parties jointly demanded an extension in a letter to Judge Sarah Netburn, who presided over the case. Judge Netburn has approved the revised schedule.
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How case vs.Ripples have begun
Between 2013 and 2020, Ripple Labs raised $ 1.3 billion through the sale of XRP tokens.
When the SEC filed a complaint against Ripple near the end of 2020, there was no sign from the SEC that Ripple was being scrutinized.
And Ripple was already trading on more than 200 exchanges at that time.
Meanwhile, the SEC concludes that Ripple co-founder Christian Larsen and Ripple’s current CEO Bradley Garlinghouse have raised cash illegally because XRP was offered to investors around the world rather than registered securities. I did.
Legal confrontation before Christmas
The new provisions of the Joint Letter require a statement and defense to file a complaint against expert witnesses by August 2, and the objection must be filed by November 2. In addition, resistance must be addressed by 20 December.
The revised timeline follows the SEC’s request for an extension to challenge Judge Netburn’s decision on a motion to review the DPP decision. This was the second regulatory agency request to extend this issue.
XRP total market cap at $31.56 billion on the daily chart | Source: TradingView.com
Attorney James Philan shared a tweet from Ripple’s attorney Stuart Alderoti.
“Thanks to everyone who has followed the case so far-thanks. Ripple is trying to resolve the case as soon as possible, even though the SEC is doing everything it can to postpone it over and over again. Know that you are working hard (and the courts are working hard). “
#XRPCommunity #SECGov v. # Ripple #XRP Parties will submit a summary judgment and an opening brief for expert challenges in August, and a joint schedule letter proposing to close the briefs a few days before Christmas. pic.twitter.com/DBVkl3LQXU
— James K. Filan ???? 90k + (Beware of scammers) (@ FilanLaw) April 22, 2022
XRP price analysis
Meanwhile, at the time of writing, XRP rose 0.26% to $ 0.7073. Cryptocurrencies fell 1.70 percent on Saturday and ended the day at $ 0.7055, down 2.06 percent from Friday’s closing price.
On April 24, Ripple’s XRP fell for the fourth straight day, with the latest updates having no noticeable impact on prices.
XRP needs to break through the $ 0.7117 pivot point to reach the first major resistance level of $ 0.7204. To get out of the $ 0.7150 range, XRP needs support from a wide range of crypto markets.
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Cryptocurrencies are currently trading at 82% of the record high of $ 3.84194.
Throughout the week, XRP chased the wider crypto market squeezed by market risk avoidance.
XRP was also pushed down by a news update on the case of Ripple vs. SEC, which challenged support at $ 0.70.
Featured image from Times Tabloid, chart from TradingView.com