HomeNewsDeadline Day: Ripple Set to File Opposition Brief in SEC Legal Battle

Deadline Day: Ripple Set to File Opposition Brief in SEC Legal Battle

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  • On April 22, Ripple will file a critical legal brief that could soften outcomes if it can prove major sales were to non-U.S. investors.
  • Plans for a stablecoin backed by the US dollar were revealed by CEO Brad Garlinghouse as part of Ripple’s strategic three-year vision.

Ripple and its investors are anxiously anticipating Judge Analisa Torres’ verdict on the SEC lawsuit as it prepares to submit its remedy-related opposition brief by April 22. The public won’t see this brief until April 24, when a redacted version will be issued, adding to XRP speculation.

SEC’s Unwavering Position on Ripple’s XRP Sales 

The case rests on Ripple’s ability to show that its post-complaint XRP sales targeted non-U.S. institutional investors. Ripple could receive less punishment if it can show that most of its pre-complaint sales followed the same pattern.

In its remedy-related opening brief in March, the SEC sought $2 billion in disgorgement from Ripple and asked the court to stop its future XRP sales to institutional investors, regardless of U.S. status.

This distinction is crucial because the U.S. Supreme Court’s Morrison vs. NAB judgment confines the SEC’s jurisdiction to domestic transactions. To learn more about this development, see the YouTube video below.

The Market Performance and Forecast  

XRP’s market conditions vary. XRP is presently trading at $0.533, down 0.37% in the last 24 hours but up 3.93% in a week, according to CoinMarketCap. As investors respond to legal proceedings and Ripple’s strategic pronouncements, markets shift.

Ripple CEO Brad Garlinghouse presented a three-year strategy to establish a U.S. dollar-backed stablecoin, suggesting a major change toward improving Ripple’s digital currency products, as formerly reported by ETHNews.

This strategy shift diversifies Ripple’s product line and strengthens its market position in a competitive and regulated environment.

Source: Trading View

The market study also shows that XRP is trading below its 50-day and 200-day Exponential Moving Averages (EMA), providing bearish warnings. A break from the top trend line might challenge these averages and the $0.5739 resistance level, giving bulls a reason to rise.

As the lawsuit winds down, investors worry about an SEC appeal of the Programmatic Sales of XRP verdict, which might continue to hurt XRP.

This, together with the 14-day Relative Strength Index (RSI), indicating a further drop before oversold territory, makes XRP and Ripple’s strategic objectives important for investors and market observers.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628