Ripple is gearing up for a response to the SEC’s penalty request by April 22, a move that could have a significant impact on the price of XRP.
Recent developments have seen charges against Ripple executives dismissed, sparking speculation about the potential consequences for XRP’s market value.
XRP, the cryptocurrency in question, recently experienced a slight dip of 0.14%, closing at $0.4973. Amidst rumors of a possible settlement in the ongoing SEC vs. Ripple case, Stuart Alderoty, Ripple’s Chief Legal Officer, quickly dismissed these claims.
The speculation surrounding a potential settlement arose from updates mentioned in a recent post by CNF. The proceedings calendar of the Southern District of New York (SDNY) Court listed a “Final Pretrial Conference” for April 16, albeit without specific details about the courtroom. This led to widespread speculation about charges being dropped against Ripple executives.
However, in a video by CNF, Stuart Alderoty clarified that Ripple will officially respond to the SEC’s penalty request by April 22. There are no trials or pretrial conferences scheduled as the charges against Brad Garlinghouse and Chris Larsen, the executives in question, have been dismissed. Investors are advised to remain vigilant for further developments in the SEC vs. Ripple case, as well as other SEC actions and geopolitical news from the Middle East.
In a recent tweet, I emphasized that Ripple will finalize its response to the SEC by April 22. The SEC, on the other hand, has until May 6 to provide a reply. With the charges against the executives now dropped, the path ahead seems less obstructed by legal hurdles.
Breaking Waves:
#Ripple will submit its response to the SEC’s penalty request by April 22! The SEC has until May 6 to respond. With charges against the executives dismissed, there will be no pretrial conference. Smooth sailing ahead! ⚖️ #XRP pic.twitter.com/cDSxesK39u
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 17, 2024
Following this tweet, the Southern District of New York Proceedings Calendar issued a clarification regarding the final pretrial conference between the SEC and Ripple on April 16. Stuart Alderoty, however, clarified the next steps in the SEC vs. Ripple case, stating:
“There seems to be some confusion regarding the next steps in the SEC vs. Ripple case. To clarify, Ripple will file its response to the SEC’s request for penalties by April 22, and the SEC has until May 6 to reply. There will be no final pretrial conference because the SEC dropped the charges against Brad Garlinghouse and Chris Larsen.”
The current market analysis suggests a bearish trend for XRP, as it remains below key resistance levels on both daily and weekly charts. A drop below $0.48 could result in further losses, while a breakthrough above this threshold could push the price towards $0.5739.
The 14-day Relative Strength Index (RSI) is approaching oversold territory, indicating potential volatility. As of now, according to Coin Market Cap, XRP is priced at $0.4977, representing a modest increase of 1.47% after a significant 18.25% decline over the previous week.