Ripple is scheduled to submit its opposition brief filing related to remedies on April 22, with the public only gaining access to the details on April 24th.
The ongoing SEC v. Ripple case continues to have a significant impact on XRP prices, generating increased interest from investors and leading to some price fluctuations.
Given the influence of the SEC v. Ripple case on XRP prices, recent developments surrounding the case have caused a stir. Ripple is expected to file its opposition brief filing related to remedies on April 22. However, investors will only have access to a redacted version of the filing on April 24th. Ripple or the SEC may provide comments on the brief, offering some insights into the specifics.
In this brief, Ripple aims to demonstrate that all post-complaint sales of XRP were made to non-US institutional investors. Additionally, the company seeks to prove that a majority of pre-complaint XRP sales were also made to non-US institutional investors.
In the SEC’s opening brief related to remedies in March, the regulator revealed its intention to seek a $2 billion fine from Ripple. The SEC also sought to prohibit the company from selling XRP to institutional investors. Judge Analisa Torres, presiding over the case, may make 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 all the filings, the judge will decide on the penalty for violating the Securities Act.
Legal experts remain confident in a favorable outcome for Ripple, but anticipate that the SEC will appeal the ruling on Programmatic Sales of XRP. This could prolong the case and continue to exert pressure on XRP prices, much to the frustration of investors.
There is still the possibility of a settlement between the two parties. Additionally, as 2024 is an election year that could bring about leadership changes at the agency, Chair Gary Gensler might be inclined to resolve the case in order to save face. Alternatively, if there is a change in leadership at the agency, the case could be dropped altogether.
Price Outlook for Ripple (XRP)
With the deadline for the brief and its details approaching, 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. While the altcoin has struggled to overcome the $0.55 resistance 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 potentially impact the entire market, XRP investors have been expressing frustration. The case, which has spanned over three years, has suppressed XRP prices and hindered the development of the project ecosystem. However, the narrative could be shifting. As reported by CNF, there is renewed interest in XRP driven by activity on the XRP Ledger (XRPL). This could provide some relief for investors, but ultimately, the conclusion of the case will shape the long-term outlook.
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