- Attorney Fred Rispoli asserts it’s “game over” for the SEC in the Ripple lawsuit, indicating a significant shift in the ongoing legal battle.
- The court has set a detailed schedule for Ripple’s case in 2024, culminating with key deadlines, potentially influencing XRP’s market value.
The Definitive Turn in Ripple vs. SEC
In the unfolding saga of Ripple Labs against the U.S. Securities and Exchange Commission (SEC), a pivotal moment has emerged. Attorney Fred Rispoli, an experienced lawyer closely monitoring the case, recently declared it “game over” for the SEC. This assertion comes as the court finalizes the schedule for the remedies phase of the lawsuit.
#SECvsRipple The remedies-related discovery schedule is set. There is no chance a 2nd Cir. ruling on an appeal by either party (if one is ever filed) is issued before mid-2026. Think of everything that will happen between now and then.
Game Over, SEC. You lost.#XRPCommunity
— Fred Rispoli (@freddyriz) November 13, 2023
Rispoli’s statement reflects a significant sentiment in the legal community, suggesting that the SEC may have lost its edge in this high-profile case. The court’s scheduling of the remedies briefing and discovery, with a completion deadline set for February 12, 2024, marks a crucial phase. Rispoli speculates that the delay until mid-2026 for a potential Second Circuit ruling leaves ample time for developments unfavorable to the SEC. This period could witness events that further weaken the SEC’s position, although Rispoli hasn’t detailed these possibilities.
Furthermore, the SEC’s recent actions, including an attempted interlocutory appeal and dropping claims against Ripple executives, signal a strategic shift. These moves hint at the SEC’s recognition of the challenging path ahead in its case against Ripple.
The Ripple Case Timeline in 2024
The legal battle’s progression is now set against a backdrop of crucial dates in 2024. Starting with the remedies briefing on February 12, the SEC will file its brief by March 13, followed by Ripple’s opposition due by April 12. The final deadline for the SEC’s reply is April 29, 2024:
- February 12, 2024: Remedies briefing officially commences. This date signifies the initiation of the comprehensive examination of remedies related to the case.
- March 13, 2024: The Securities and Exchange Commission (SEC) is set to file its remedies brief. This document will present the SEC’s stance on the appropriate remedies for the alleged violations.
- April 12, 2024: Ripple Labs, the defendants in the case, must submit their opposition to the SEC’s motion. This step allows Ripple to contest the SEC’s proposed remedies.
- April 29, 2024: The SEC will file its reply to Ripple’s opposition, concluding the remedies phase and setting the stage for the next legal proceedings.
This timeline is pivotal for both parties, especially Ripple, which faces potential fines for alleged securities law violations. The outcome of these proceedings will not only affect Ripple’s operations but also send ripples across the broader cryptocurrency market, influencing regulatory approaches and investor confidence.
🚨 Mark these dates in your calendar for the #SEC vs. #Ripple legal battle 🚨
Feb 12, 2024: Remedies briefing begins
Mar 13, 2024: SEC files remedies brief
Apr 12, 2024: Ripple submits opposition
Apr 29, 2024: SEC repliesMassive #XRP price pump on the horizon 🚀🚀🚀 pic.twitter.com/qvwyNrpwBv
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) November 14, 2023
XRP Price in the Balance
As Ripple navigates its legal challenges, the price of XRP, its associated cryptocurrency, has shown noteworthy fluctuations, reflecting the market’s response to both the lawsuit and broader crypto trends. Recently, significant activity was observed in the XRP market, particularly from large-scale investors, often referred to as ‘crypto whales’. These investors have collectively purchased approximately 90 million XRP tokens in a span of just 48 hours, an investment valued at around $60 million, considering XRP’s current trading price of about $0.66.
This surge in buying activity is a strategic move, often indicative of a bullish outlook among major players in the crypto market. It suggests a collective anticipation of a potential price rally for XRP. The market’s reaction to this buying spree is critical, as it could signal a shift in investor sentiment and a possible rebound in XRP’s price. After reaching a three-month peak of $0.72, XRP experienced a retracement, but the influx of significant investments from these whale investors could catalyze another upward price movement. Such dynamics underscore the volatile and highly reactive nature of cryptocurrency markets, where legal developments and investor actions can rapidly influence asset values.
