XRP is currently facing difficulties in achieving positive trading results amidst a market-wide bear trend that has caused many altcoins to test local support levels.
A significant development in the SEC v. Ripple case has emerged, with both parties submitting a joint proposal to keep confidential materials sealed in the upcoming remedies brief.
This update reveals that the remedies brief, scheduled for March 22, will not be accessible to the general public until March 26, as it will be kept under wraps.
As previously reported by CNF, March 22 holds great significance in the ongoing legal battle. On this day, the SEC will present its opening brief for remedies, and Ripple will have until April 22 to respond. The SEC will then have the opportunity to reply to Ripple’s opposition on May 6, as revealed by Attorney James Filan.
With the proceedings now shrouded in secrecy, the situation becomes even more intriguing. However, this lack of transparency could potentially harm XRP prices, as investors remain uncertain about the future steps in the case.
Amidst these recent developments, XRP has experienced a decline, falling into the red zone. Currently trading at $0.59, XRP has dropped by 3% in the last 24 hours. This extends the digital asset’s weekly losses to nearly 15% and causes it to breach the critical support level of $0.60. In the past few weeks, investors have relied on this support level, leading to rebounds due to significant accumulation.
The poor performance of XRP coincides with substantial volume transfers from large-scale holders. Data from Santiment reveals that whales have conducted over 14,000 high-volume XRP transfers in the past 10 days. This movement aligns with the decline in XRP’s price, indicating that whales may be selling their XRP holdings at a loss.
While neither the SEC nor Ripple have hinted at a potential settlement in the lawsuit, it remains a possibility. Historically, the SEC has settled most cases involving crypto firms. Legal experts suggest that the agency is likely to face an impending loss in the Ripple case. Additionally, with an upcoming change in administration following the U.S. election, the regulator may consider ending the case, which has spanned several years. For Ripple, the conclusion of the lawsuit could save the fintech company millions in legal fees and allow it to focus on the development and expansion of itself and the XRP token.
Looking ahead, the future of XRP remains optimistic, depending on the lawsuit’s outcome, increased institutional investment, and the potential launch of an XRP ETF. As highlighted by CNF, crypto experts predict that XRP could reach as high as $500 by 2025.
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