It has been a week full of drama and negotiations since the Ripple vs. SEC case is nearing a potential settlement, but according to XRP advocate Bill Morgan, the SEC might delay resolution through appeals and injunctions. Will a delay be good or bad for XRP? Let’s see what’s popping for XRP in the coming days.
Settlement not in Sight?
Morgan highlights the SEC’s pursuit of an injunction to halt Ripple’s On-Demand Liquidity (ODL) sales and its intention to appeal programmatic sales as significant obstacles to settlement. These actions suggest a prolonged legal dispute and potential challenges for both parties.
The implications of such delays could be significant for both Ripple and the broader XRP market. Ripple’s business operations, particularly its ODL sales, could face disruptions if the SEC wins in obtaining an injunction. This disruption may also impact the price of XRP, which currently hovers around $0.50.
However, if a settlement is reached, XRP supporters anticipate a price surge, with Morgan predicting a $1 valuation post-settlement. Today, XRP saw a 4.48% decrease, settling at $0.5011. Its trading volume surged by 33.42% to $795.94 million in the past 24 hours. Over the week, it shed nearly 7% in value, and over the month, it dropped around 20%. These figures indicate the current volatility and downward trend in XRP’s price.
What Next?
Meanwhile, Judge Sarah Netburn, overseeing the case, has granted the SEC an extension until April 29, 2024, to respond to Ripple’s opposition to the agency’s proposed civil penalties. SEC is also preparing to file its opposition brief to Ripple’s Motion to Strike, due by April 29, and its reply brief to contest Ripple’s opposition brief, due by May 6.
These filings will influence the outcome of the case, where the SEC seeks a $2 billion penalty and injunction against Ripple. However, the outcome is unlikely to affect the SEC’s plans to appeal the ruling on Programmatic Sales of XRP.
On the other side, Ripple argues for a penalty capped at $10 million, challenging the SEC’s claims as exaggerated and lacking substantial evidence. The response and subsequent counter from both parties will be crucial in determining whether a settlement is imminent in the Ripple vs SEC case.
Other Legal cases
Meanwhile, other crypto cases, such as SEC v Coinbase and Consensys vs. SEC, could impact the SEC’s strategies according to Bill Morgan. Notably, Consensys has filed a lawsuit against the SEC, contesting the classification of Ethereum as a security. A victory for Consensys could potentially impact the SEC’s approach to regulating cryptocurrencies and its appeal against the Programmatic Sales of XRP ruling.
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