Ripple is expected to submit its opposition brief filing related to remedies on April 22, with the public gaining access to the details on April 24th.
The SEC v. Ripple case continues to have a significant impact on the price of XRP, resulting in increased investor interest and subsequent price movement.
The ongoing SEC v. Ripple case, which is heavily influencing XRP prices, is generating a lot of buzz due to new developments. Ripple is set to file its opposition brief filing regarding remedies on April 22, but the public will only have access to a redacted version of the filing on April 24th. Ripple or the SEC may provide some insights into the details by commenting on the brief.
In this brief, Ripple aims to demonstrate that all post-complaint sales of XRP were made to non-US institutional investors. The company also seeks to prove that the majority of pre-complaint XRP sales were to non-US institutional investors.
In the SEC’s opening brief related to remedies in March, the regulator revealed its intention to impose a $2 billion fine on the company. The SEC also aimed to prohibit the company from selling XRP to institutional investors. Judge Analisa Torres, who presides over the case, may deliver 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. After the filings, the judge will make a decision regarding the penalty for violating the Securities Act.
Legal experts remain confident in a favorable outcome for Ripple, but anticipate that the SEC will appeal against the ruling on Programmatic Sales of XRP once the case concludes. This potential appeal could prolong the case even further and continue to impact XRP prices, causing frustration among investors.
There is still a possibility of a settlement between Ripple and the SEC. Additionally, with 2024 being an election year that could bring about leadership changes at the agency, Chair Gary Gensler may seek to resolve the case to maintain a positive image. Alternatively, if there is a change in leadership at the agency, the case could be dropped altogether.
Outlook for Ripple (XRP) Price
As the deadline for the brief approaches and its details remain uncertain, investor interest has reached its peak, resulting in 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 encountered resistance at the $0.55 level in recent weeks, it has strong support at the $0.52, $0.50, and $0.48 levels, which are crucial for maintaining a bullish outlook.
While the final outcome of the ongoing case is crucial and could have a significant impact on the entire market, XRP investors have been expressing frustration. The case, which has been ongoing for over three years, has suppressed XRP prices and hindered the development of the project ecosystem. However, the narrative may be shifting. As reported by CNF, there is renewed interest in XRP driven by activity surrounding the XRP Ledger (XRPL). This could provide some relief for investors, but ultimately, the conclusion of the case will determine the long-term outlook.
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