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- The legal battle between the SEC and Ripple continues, with Judge Analisa Torres setting a November 9, 2023 deadline for both parties to propose a briefing schedule regarding potential remedies in the case.
- While the case against Ripple’s executives has been resolved, the litigation concerning Ripple’s involvement in the institutional sale of XRP remains active.
The legal proceedings between the U.S. Securities and Exchange Commission (SEC) and Ripple are advancing, even as the regulatory agency faced repeated setbacks in its case against the crypto company. In the latest development, Judge Analisa Torres has established a briefing schedule deadline for both parties.
This deadline, which falls on November 9, 2023, necessitates that both parties collaborate to propose a briefing schedule concerning potential remedies. If the two parties cannot reach an agreement, they need to jointly request the Court to establish such a schedule.
This decision follows closely after the court officially dropped all charges against Ripple’s Brad Garlinghouse and Chris Larsen. Judge Torres endorsed the SEC’s request to dismiss charges against them related to their alleged involvement in the institutional sale of XRP, under the claim of “aiding and abetting.”
This exoneration effectively clears Larsen and Garlinghouse of any wrongdoing regarding securities law violations and eliminates the need for a trial, initially scheduled for the July 2023 verdict.
Ripple’s Institutional XRP Sales Remain A Question
While the legal case against the company’s executives has been resolved, the litigation concerning Ripple’s involvement in the institutional sale of XRP remains active. The recent court order, issued on October 24, pertained to the steps Ripple and the SEC would take in addressing this issue.
Some members of the community have also started speculating about the possibility of a settlement. While others hold contrasting views, contending that a dismissal would be an even more favorable outcome. Former Federal Prosecutor James K. Filan shared the court document that reads:
With respect to the pending issue in the case what remedies are proper against Ripple for its Section 5 violations with respect to its Institutional Sales of XRP and respectfully request until November 9, 2023.
According to attorney Jeremy Hogan, historical data from the US Court of Appeals for the period of 2011 to 2015 indicates that the SEC has a 14.2 percent probability of winning on appeal. However, amid the recent developments, ripple proponent Bill Morgan said that the chances have reduced to 3 percent.
XRP Price to Rally to $0.60?
The latest developments have put the US SEC on the backfoot thereby providing the much-needed bullish thrust to the XRP price. At press time, the XRP price is trading at $0.55 with a market cap of $29.3 billion.
The Relative Strength Index (RSI) indicates continued bullish momentum, as it resides above the neutral threshold at 50.0. This suggests the possibility of surpassing $0.54 and reaching $0.60 for XRP.
Nonetheless, should the attempted breach prove unsuccessful, there’s a chance that the cryptocurrency may retrace to test support at $0.50. A breakthrough at that level would negate the bearish outlook. XRP’s potential for recovery would then hinge on a rebound from $0.47.
