SEC Vs Ripple Lawsuit: SEC Seeks 1-Week Extension, XRP Surge to $0.58

SEC has asked Judge Analisa Torres of the Southern District of New York to move the deadline ahead by one week for its remedies-related briefing in its ongoing lawsuit against Ripple Labs, Inc. The request, submitted on February 27, 2024, aims to allow sufficient time for both parties to fulfill their obligations in light of recent developments.

Subheading:- SEC Seeks 1-Week Extension

Former U.S. federal prosecutor James K. Filan reported that the SEC has requested Judge Analisa Torres of the Southern District of New York to extend the deadlines for filing briefs related to the remedies phase. 

Primarily, the SEC seeks to move its deadline for filing the remedies-related opening brief from March 13 to March 22, 2024.

However, if granted, Ripple’s deadline to submit its opposition brief would shift from April 12 to April 22, 2024, and the SEC’s deadline to file its reply brief would extend from April 29 to May 6, 2024. 

Importantly, this request has gained Ripple’s consent, reflecting a collaborative approach between the parties to navigate the legal complexities.

Subheading:- Reason Behind the Extention 

The SEC justified its extension request by referring to a recent dispute over the scope of discovery, which was only resolved on February 5, 2024. This dispute involved Ripple being ordered to share financial statements to assess potential breaches of securities laws related to institutional XRP sales post-lawsuit.

Meanwhile, the SEC is saying that because of a recent delay related to the discovery process, they need more time to gather information about potential remedies. 

Jorge G. Tenreiro, who is representing the SEC, pointed out that both the SEC and Ripple have been working hard, and they both agree that more time is needed. This extra time will be used to carefully go through recently obtained documents and complete the briefing process thoroughly.

Court Ruling Pending 

Until yet, the court has not ruled on the SEC’s extension request. If approved, it would alter the schedule for filing briefs concerning potential remedies in the case. Meanwhile, the lawsuit is currently set for a jury trial starting on April 23rd, 2024.

XRP Price Analysis

As of now, XRP is trading at $0.58, marking a 5.09% increase in the last 24 hours, indicating a potential bullish trend. 

However, the weekly RSI exhibits an inverted head and shoulders reversal pattern. A potential move above 50 points in RSI could extend the upward momentum, with a target of reaching $0.60 soon.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/news/sec-vs-ripple-lawsuit-sec-seeks-1-week-extension-xrp-surge-to-0-57/