Ripple (XRP) Investors Await Ripple Response as Deadline Looms
  • Ripple plans to file a complaint-related brief on April 22nd, the details of which will only be made public on April 24th.
  • Investor interest has peaked as the SEC vs. Ripple case continues to impact XRP prices, leading to price fluctuations.

While the ongoing SEC vs. Ripple case is having a major impact on the XRP price, new developments surrounding the case are causing a stir. Ripple plans to file its bailout-related objection brief on April 22nd, but investors will only be able to obtain the redacted version of the file on April 24th. Ripple or the SEC may comment on the summary providing further insight.

In this brief, Ripple seeks to prove that all post-indictment XRP sales were made to non-U.S. institutional investors. Additionally, the company seeks to prove that the majority of its pre-indictment XRP sales were to non-U.S. institutional investors.

In its opening bailout report in March, the SEC revealed that the regulator was seeking a $2 billion fine against the company. The SEC also sought to prohibit the company from selling XRP to institutional investors. Resident Judge Annalisa Torres may issue a penalty judgment based on the opposing side’s brief.

The SEC can still submit a response brief, but it must do so by May 6. Once filed, a judge will determine penalties for securities law violations.

Legal experts remain confident in Ripple’s victory, but have indicated that the SEC will appeal the XRP programmatic sale ruling at the end of the case. This could lead to further litigation and continued suppression of XRP prices, leaving investors dissatisfied.

There is still a possibility that a settlement can be reached between the parties. Additionally, since 2024 is an election year that could lead to a change in the agency’s leadership, Commissioner Gary Gensler may be trying to save face by ending this case. Similarly, the case could be dropped if the agency’s leadership changes.

Ripple (XRP) price outlook

Investor interest is at its peak as preparation deadlines and details approach. This led to increased price activity. As of this writing, XRP is trading at $0.53 after the trade. 4% jump weekend. Although the altcoin has struggled against the $0.55 resistance in recent weeks, it has enjoyed strong support at the $0.52, $0.50, and $0.48 support levels. These are important for investors to maintain a bullish outlook.

XRP investors are dissatisfied, even though the final outcome of the ongoing litigation is extremely important and could impact the entire market. This lawsuit, which lasted more than three years, suppressed the XRP price and constrained the development of the project ecosystem. But the story may be changing. As reported by CNF, activity around the XRP Ledger (XRPL) has renewed interest in XRP. While this may give investors some respite, the outcome of the lawsuit could ultimately determine the long-term outlook.

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