XRP, like many other altcoins, is struggling to trade positively in the current bearish market. However, there has been a significant development in the SEC v. Ripple case. Both parties have submitted a joint proposal to seal confidential materials in the upcoming remedies brief. This means that the brief, scheduled for March 22, will be kept confidential and inaccessible to the public until March 26.
The upcoming remedies brief is a crucial event in the ongoing lawsuit. On March 22, the SEC will present its opening brief for remedies, and Ripple will have until April 22 to respond. Two weeks later, on May 6, the SEC will have the opportunity to reply to Ripple’s opposition.
The decision to keep the proceedings secret adds to the suspense surrounding the case. However, it may negatively impact XRP prices as investors are uncertain about the future steps in the lawsuit.
In light of these developments, XRP has experienced a decline and is currently trading in the red zone. As of now, its price is $0.59, reflecting a 3% drop in the past 24 hours. This extends the digital asset’s weekly losses to nearly 15% and breaks the critical support level at $0.60. Over the past few weeks, investors have relied on this support level, leading to price rebounds due to heavy accumulation.
The recent poor performance of XRP coincides with significant volume transfers by whales. Data from Santiment shows that whales have made over 14,000 large-volume XRP transfers in the past 10 days. This movement aligns with the decline in XRP price, suggesting that whales may be selling their XRP at a loss.
Although there have been no indications of a settlement from either the SEC or Ripple, it remains a possibility. In the past, the SEC has settled most cases against crypto firms. Legal experts believe that the SEC is likely to face a loss in the Ripple case. Additionally, with an upcoming change in administration after the U.S. election, the regulator may seek to end the case, which has been ongoing for years. For Ripple, the resolution of the lawsuit could save the company millions in legal fees and allow it to focus on its development and the expansion of the XRP token.
Looking ahead, the outcome of the lawsuit, increased institutional investment, and the potential launch of an XRP ETF could make XRP one of the most bullish cryptocurrencies in the long run. As highlighted by crypto experts, XRP could reach as high as $500 by 2025.
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