The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple continues to evolve. Despite facing setbacks in its case against Ripple, the regulatory agency remains persistent in pursuing its claims. Recently, Judge Analisa Torres has issued a deadline for both parties to propose a briefing schedule regarding potential remedies in the case. This deadline is set for November 9, 2023, and requires the two parties to collaborate and reach an agreement on the schedule. If they cannot come to an agreement, they must request the court to establish the schedule.
It is important to note that the charges against Ripple’s executives, Brad Garlinghouse and Chris Larsen, have been dropped. The court ruling endorsed the SEC’s request to dismiss charges against them related to their alleged involvement in the institutional sale of XRP. This dismissal clears Larsen and Garlinghouse of any wrongdoing in relation to securities law violations and eliminates the need for a trial, which was initially set for the July 2023 verdict.
However, the legal proceedings concerning Ripple’s involvement in the institutional sale of XRP are still active. The recent court order pertains to the steps that Ripple and the SEC need to take to address this issue. Some members of the crypto community speculate that a settlement may be reached, while others argue that a dismissal would be a more favorable outcome.
Attorney Jeremy Hogan has analyzed historical data from the US Court of Appeals and suggests that the SEC has a 14.2 percent probability of winning on appeal. However, ripple proponent Bill Morgan believes that the chances have reduced to 3 percent. These predictions highlight the uncertainty surrounding the outcome of the case and its potential impact on Ripple and the XRP cryptocurrency.
Related Post
The latest developments in the legal battle have had a positive effect on the XRP price. Currently, XRP is trading at $0.55 with a market cap of $29.3 billion. The Relative Strength Index (RSI) indicates continued bullish momentum, suggesting the possibility of surpassing $0.54 and reaching $0.60 for XRP. However, there is also a chance of retracement to test support at $0.50, with further potential recovery dependent on a rebound from $0.47.
In conclusion, the legal proceedings between the SEC and Ripple are ongoing, with both parties now required to propose a briefing schedule regarding potential remedies in the case. The dismissal of charges against Ripple’s executives has resolved that aspect of the litigation, but the case concerning Ripple’s involvement in the institutional sale of XRP remains active. Speculation about a settlement or dismissal continues, and the outcome of the case will undoubtedly have a significant impact on Ripple and the XRP cryptocurrency. As the legal battle unfolds, the XRP price remains volatile, with the potential for both bullish and bearish moves.
