All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Ripple is expected to file its remedy-related opposition brief filing on April 22 with the details of the filing only available to the public on April 24th.
- With the SEC v. Ripple case continuing to influence XRP prices, investor interest has peaked which has led to some price movement.
With the ongoing SEC v. Ripple case heavily influencing XRP prices, new developments around the case are causing a stir. Ripple is expected to file its remedy-related opposition brief filing on April 22. However, investors can only get a redacted version of the file on April 24th. Ripple or the SEC could comment on the brief offering some insights into the details.
In this brief, Ripple is looking to prove that all post-complaint sales of XRP were to non-US institutional investors. Additionally, the company seeks to prove that a majority of pre-complaint XRP sales were to non-US institutional investors.
In the SEC’s remedy-related opening brief in March, the regulator revealed that it is seeking a $2 billion fine from the company. The SEC also sought to prohibit the company from selling XRP to institutional investors. Residing Judge Analisa Torres could deliver a penalty ruling based on the opposition brief.
The SEC could still file a reply brief but must do so by May 6. After the filings, the judge will decide on the penalty for breaching the Securities Act.
Legal experts remain confident of a Ripple win but suggest that the SEC will at the end of the case appeal against the Programmatic Sales of XRP ruling. This could stretch out the case even longer and could continue causing restrain on XRP prices which has left investors frustrated.
There is still the possibility of a settlement between the two parties. Furthermore, 2024 being an election year that could lead to leadership changes at the agency, Chair Gary Gensler could be looking to save face by ending this case. Equally, a leadership change at the agency could see the case dropped.
Ripple (XRP) Price Outlook
With the deadline and details of the brief looming, investor interest has peaked. This has led to heightened price activity. At the time of writing, XRP is trading for $0.53 after a 4% surge during the weekend. Although the altcoin has struggled with the $0.55 resistance in recent weeks, it enjoys strong support at the $0.52, $0.50, and $0.48 support levels. These are crucial for investors to sustain a bullish outlook.
Although the final outcome of the ongoing case is vital and could potentially influence the entire market, XRP investors have been displaying frustration. The case which has lasted more than three years has suppressed XRP prices and constrained the development of the project ecosystem. But the narrative could be changing. As CNF has reported, there is renewed interest in XRP driven by activity around the XRP Ledger (XRPL). This could offer investors reprieve but ultimately, the conclusion of the case could dictate the long-term outlook.
