Ripple’s Deadline Approaches: Firm to Submit Crucial SEC Response by April 22 – Will it Boost XRP Price to $1?

Ripple is gearing up to address the SEC’s penalty request by April 22, a move that could have a substantial impact on the price of XRP.
Recent developments have seen charges against Ripple executives dismissed, fueling speculation about the legal outcomes and their effect on the market value of XRP.
The cryptocurrency XRP recently experienced a slight dip of 0.14%, ending at $0.4973. Amidst heightened speculation of a potential settlement in the ongoing SEC vs. Ripple case, Stuart Alderoty, Ripple’s Chief Legal Officer, promptly dismissed these rumors.
Speculation about a settlement between Ripple and the SEC arose from updates mentioned in a recent CNF post. The calendar of proceedings for the Southern District of New York (SDNY) Court had listed a “Final Pretrial Conference” for April 16, but without specific details about the courtroom, leading to rampant speculation about the possible dismissal of charges against Ripple executives.
In a clarification highlighted in a CNF YouTube video, Stuart Alderoty stated 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 executives Brad Garlinghouse and Chris Larsen have been dropped. Investors are advised to stay 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 has until May 6 to provide a reply. With the charges against the executives now dismissed, the path ahead seems less obstructed by legal hurdles.
Breaking Waves:
#Ripple will anchor its response to the SEC’s penalty play by April 22! SEC has until May 6 to chart a reply course. With charges against execs cast overboard, no pretrial conference will dock. Legal seas 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, stating that a final pretrial conference between the SEC and Ripple was indicated for April 16. However, Stuart Alderoty dispelled any misunderstandings about the next steps in the SEC vs. Ripple case, stating:
Seeing some confusion on next steps with 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 is no final pretrial conference because the SEC dismissed the charges against Brad Garlinghouse and Chris Larsen.
Can it Propel XRP Price to $1?
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 drive 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, showing a modest increase of 1.47% after a significant decline of 18.25% over the previous week.
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