- The U.S. Securities and Exchange Commission (SEC) has filed a reply to Ripple’s opposition to $2 billion in fines for institutional sales, advancing the ongoing legal dispute between the two entities.
- Despite the legal turmoil, XRP price has seen a significant buying activity from derivatives traders, indicating a bullish market sentiment.
- The final decision in the Ripple Vs SEC case is expected to serve as a significant catalyst for a potential rally in XRP price.
The SEC advances its legal dispute with Ripple Labs by filing a reply to the opposition of $2 billion in fines. Despite the ongoing lawsuit, XRP price sees a surge in buying activity from derivatives traders, hinting at a potential price rally.
SEC Advances Legal Dispute with Ripple Labs
In the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), significant progress has been made with the recent actions taken by the regulatory agency. The SEC has advanced the case by submitting its final reply in the remedies phase of the lawsuit, marking a notable development in the legal proceedings. The SEC is to confer with Ripple to release a public version of the filing on May 8, with redactions to confidential information.
Anticipation Builds for Public Release of Sealed Documents
The SEC’s final reply in the remedies phase of the lawsuit has been filed, along with supporting exhibits, although these documents are currently under seal and inaccessible to the public. However, anticipation is building as public, redacted versions of these filings are set to be released by Wednesday, May 8, 2024. Experts have speculated on the timeline for the resolution of the XRP lawsuit, suggesting that Judge Torres’ final ruling could potentially be issued later this year, possibly in September.
Impact of Lawsuit on XRP Price and Market Sentiment
The SEC lawsuit has had a discernible impact on the price dynamics of XRP, as the cryptocurrency’s price rally has been impeded by the legal uncertainty surrounding the case. However, market sentiment remains optimistic, with the final decision in the Ripple Vs SEC case expected to serve as a significant catalyst for a potential rally in XRP price. Currently trading near $0.53, XRP’s price has shown resilience despite the legal turmoil, with indications that positive developments in the lawsuit could propel prices to at least over $0.55. Additionally, there’s a massive buying activity by derivatives traders, with XRP futures OI jumping nearly 4% in 24 hours currently valued at $430.5 Million. This signals heightened activity among derivatives traders and suggesting a bullish outlook for XRP in the futures market.
Conclusion
The ongoing legal dispute between Ripple Labs and the SEC has seen significant developments, with the SEC filing its final reply in the remedies phase of the lawsuit. Despite the legal uncertainties, XRP price remains resilient with a bullish market sentiment. The final decision in the lawsuit could potentially trigger a price rally for XRP.
