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.

SEC’s Final Reply and Anticipation for Public Release

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. Bill Morgan further reiterated that for those that wrongly claimed that the court’s decision on remedies would be made today, should please consider the timetable provided.

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. Despite ongoing proceedings, the dispute between the U.S. SEC and Ripple Labs is expected to continue, with the case currently in the remedies phase until an imminent appeal or potential settlement.

Also Read: Crypto Prices Today May 7: Bitcoin & Ethereum Decline As Solana, XRP Defy Market Trend

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.

Also Read: Bitcoin-based Apps Contributing Significant Portion of Miners’ Income

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Filed under: News - @ January 1, 1970 12:00 am