- Ripple and SEC hint at next court date between April 22-26, 2024, after the anticipated Bitcoin Halving.
- XRP community remains bullish, amidst speculation on the case’s outcome and its potential impact on XRP price.
XRP’s Date in Court: A Tangle with Bitcoin Halving
Ripple’s ongoing legal bout with the U.S. Securities and Exchange Commission (SEC) is drawing attention not just for its inherent implications but for its timing relative to another monumental event in the crypto sphere: the Bitcoin Halving. A confluence of these events could potentially send ripples (pun intended) across the crypto market.
JUST IN: 🇺🇸 Judge grants SEC approval to file an appeal in the Ripple #XRP case.
— Watcher.Guru (@WatcherGuru) August 17, 2023
Ripple and SEC: Setting the Stage
Per a recent communication from Ripple to Judge Analisa Torres, Ripple is available for proceedings only in Q2 of 2024. CEO Brad Garlinghouse and Chairman Chris Larsen have explicitly stated their unavailability from April 1 to 14. Meanwhile, the SEC, in its own timeline submission, listed its non-availability from April 15-19, May 1-7, and May 27-31, 2024.
The deduction from these timelines? An almost inevitable court date between April 22-26, shortly after the Bitcoin Halving event. A delay beyond this window could push the proceedings to June 2024.
Community Sentiments and XRP ODL
The XRP community, known for its passionate and optimistic stance, appears to maintain its fervor. The majority believe that the SEC’s appeal, which seems to be dampening the asset’s price, will likely fail. A significant anticipation lies around Judge Torres’ decision on XRP ODL (On-Demand Liquidity) – a bridge between two fiat currencies for swifter global transactions. Predominantly, the asset is not seen as a security, which could significantly influence the verdict.
XRP’s Price, Bitcoin’s Halving, and the Ripple-SEC Showdown
A pressing question looms: How might XRP’s price react amidst these chronological events? If Ripple emerges victorious again, the culmination of two bullish news pieces could propel XRP’s price skywards. On the flip side, traditional aftermaths of Bitcoin Halving often witness a “sell-off” before the anticipated bull market gains momentum. Could XRP experience an unforeseen dip before integrating into the broader market surge?
A win for the SEC, contrary to popular expectations, could plummet XRP’s price, Halving or not. For keen XRP investors, a potential strategy might be to buy the asset during its lows in the upcoming months and closely monitor the market landscape around the April court date.
As of now, XRP exhibits a consolidation pattern, similar to the phase before Judge Torres’ initial ruling. Despite a 3% uptick over the last 24 hours, setting XRP’s price at $0.53, the trading volume has dipped by around 17%. Still, the broader crypto market displays optimism, which could benefit XRP in the short run, especially if it can breach and maintain the $0.64 mark.