March 22 is approaching, and it holds great significance in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). On this day, the SEC will present its opening brief on proposed remedies for the XRP case. In the past day, XRP has experienced a dip in its price, continuing a downward trend since Monday. Currently, it is consolidating within a narrow range, and experts predict that it may dip further before reversing its momentum and testing the $0.7440 level.
It has been three years since the SEC filed a lawsuit against Ripple for securities violations, and now we are entering the final phase of this landmark case. The entire cryptocurrency community eagerly awaits March 22, as it marks the beginning of the faceoff on the proposed remedies. Meanwhile, XRP has had a challenging week and is currently trading within a tight range.
As previously reported by Crypto News Flash, March 22 is a critical date for XRP and the broader crypto community. On this day, the SEC will present its opening brief for remedies, and Ripple will have one month to respond by April 22. Two weeks later, on May 6, the SEC will have its final opportunity to reply to Ripple’s opposition, according to Attorney James Filan.
The briefing schedule for remedies is as follows:
– The SEC’s opening brief is due on March 22, 2024.
– Ripple’s opposition brief is due on April 22, 2024.
– The SEC’s reply brief is due on May 6, 2024.
These briefs will initiate the final round of showdowns as the lengthy legal battle starts to unwind. Although it is uncertain when the judgment will be delivered, most legal experts believe that Ripple has a strong chance of emerging victorious. The blockchain payment company has already achieved significant victories against the SEC in the past year. A March 13 report by the Harvard Law School Forum on Corporate Governance highlighted Ripple’s successes, stating that a district court judge ruled in 2023 that Ripple’s sale of XRP on digital asset exchanges did not constitute the offer or sale of securities.
Currently, XRP is trading at $0.6818, experiencing a slight decline of 1% in the past 24 hours, which is in line with the broader market movements. Bitcoin, Ethereum, and Polygon have also seen losses of 0.54%, 2.3%, and 2.71% respectively. After reaching a local high of $0.7421 on Monday, XRP has lost some of its momentum. Since a brief dip on March 12, it has been trading within a tight range between $0.675 and $0.71. Some experts anticipate that the token may dip to $0.6370, where it will find strong support. If XRP accumulates within this range, it could break out to $0.7440 before testing its local resistance at $0.80. Technical indicators, including the Awesome Oscillator, suggest an upside for XRP.
In the meantime, the XRP community continues to achieve new milestones. The latest achievement is the Coreum XRPL Bridge, which seamlessly connects the XRP Ledger to the Cosmos network and the Ethereum Virtual Machine. This bridge enables XRP to move across some of the largest networks effortlessly.