Major Ripple (XRP) v. SEC Updates Coming This Week: Details
TL;DR
- The legal spat between Ripple and the SEC has progressed to trial, with analysts predicting a win for the company due to previous positive court developments.
- Some expect an XRP bull run if the firm emerges victorious, though a final resolution may be delayed in the following years.
An Eventful Week
After firing shots at each other for over three years, the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) finally entered its trial phase.
Recall that the lawsuit’s start was in December 2020 when the watchdog accused the company of illegally raising more than $1.3 billion in an unregistered securities offering. Ripple opposed the claims, arguing that its native token should not be classified as such investment, thus not falling under the jurisdiction of the agency.
The trial is surrounded by multiple developments and obligations that both parties must meet. A few days ago, Magistrate Judge Sarah Netburn entered a new scheduling order requiring the SEC to file its response on the motion for remedies and entry of final judgment. The Commission is supposed to do that today (April 29), whereas Ripple was granted three business days thereafter to reply.
Numerous industry participants viewed the involvement of Judge Netburn as a positive sign for a decisive Ripple victory due to her relatively favorable stance toward XRP. Three years ago, she opined that the company’s native cryptocurrency has a utility that “distinguishes it from Bitcoin and Ether.”
Possible Impact on XRP
The price of XRP reacted positively to each of the three partial court wins secured by Ripple throughout 2023, with multiple analysts envisioning a real bull run if the company emerges victorious after the trial. Those willing to learn more about the lawsuit and its connection to XRP’s future price movements, please check our dedicated video below:
It is important to note that the start of the trial does not necessarily mean that a final settlement is just around the corner.
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