Ripple is set to submit its opposition brief filing related to remedies on April 22, with the public only gaining access to the details on April 24th.
The SEC v. Ripple case continues to have a significant impact on XRP prices, generating heightened interest among investors and resulting in some price movement.
As the SEC v. Ripple case continues to heavily influence XRP prices, recent developments surrounding the case are causing a stir. Ripple is expected to submit its opposition brief filing related to remedies on April 22. However, investors will only be able to access a redacted version of the filing on April 24th. Ripple or the SEC may provide comments on the brief, offering some insights into the details.
In this brief, Ripple aims to demonstrate that all post-complaint sales of XRP were made to non-US institutional investors. Additionally, the company seeks to prove that a majority of pre-complaint XRP sales were also to non-US institutional investors.
In the SEC’s opening brief related to remedies in March, the regulator revealed its intention to seek a $2 billion fine from Ripple. The SEC also sought to prohibit the company from selling XRP to institutional investors. Judge Analisa Torres, who presides over the case, could make a penalty ruling based on the opposition brief.
The SEC still has the option to file a reply brief, but must do so by May 6. Following the filings, the judge will determine the penalty for violating the Securities Act.
Legal experts remain confident in Ripple’s chances of success, but suggest that the SEC will ultimately appeal the ruling on Programmatic Sales of XRP. This could further prolong the case and continue to exert pressure on XRP prices, leaving investors frustrated.
There is still a possibility of a settlement between the two parties. Additionally, as 2024 is an election year that could bring leadership changes to the agency, Chair Gary Gensler may be motivated to resolve the case in order to save face. Alternatively, a change in agency leadership could result in the case being dropped altogether.
Outlook for Ripple (XRP) Price
With the deadline for the brief and its details approaching, investor interest has reached its peak, leading to increased price activity. At the time of writing, XRP is trading at $0.53 following a 4% surge over the weekend. Although the altcoin has faced difficulties in surpassing the $0.55 resistance level in recent weeks, it enjoys strong support at the $0.52, $0.50, and $0.48 levels. These support levels are crucial for investors to maintain a bullish outlook.
While the final outcome of the ongoing case is crucial and could potentially impact the entire market, XRP investors have been expressing their frustration. The case, which has lasted for over three years, has suppressed XRP prices and hindered the development of the project ecosystem. However, the narrative could be changing. As reported by CNF, there is renewed interest in XRP driven by activity surrounding the XRP Ledger (XRPL). This could provide relief for investors, but ultimately, the resolution of the case will determine the long-term outlook.
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