- Stuart Alderoty, Ripple Labs’ Chief Legal Officer, updated the timeline for the ongoing Ripple vs. SEC lawsuit.
- Ripple is required to submit a response to the SEC’s penalty demands by April 22.
Chief Legal Officer at Ripple Labs, has recently provided an update on the timeline of the ongoing lawsuit between Ripple and the SEC.
🚨 Breaking Waves: #Ripple will anchor its response to the SEC's penalty play by April 22! SEC has until May 6 to chart a reply course. With charges against execs cast overboard, no pretrial conference will dock. Legal seas ahead! ⚖️📅 #XRP pic.twitter.com/cDSxesK39u
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 17, 2024
Alderoty explained that Ripple must submit a response to the SEC’s demands for penalties by April 22, while the SEC is scheduled to deliver its response by May 6. This clarification dispels earlier rumors suggesting that a settlement was likely to occur soon in the case.
The legal controversy stems from the SEC’s allegations that Ripple conducted unauthorized securities transactions with its crypto, XRP. The SEC is seeking penalties that could total nearly $2 billion, dependent on several criteria including the proceeds from XRP sales to U.S. institutional investors both before and after the SEC’s complaints, and the financial impact on these investors.
Related: Critical Day for XRP: Ripple vs. SEC Pretrial Conference Could Drive $2 Rally
Despite the dismissal of individual charges, Ripple itself still faces potential substantial fines. This legal uncertainty has impacted the market performance of XRP, contributing to its recent price fluctuations.
As Ripple prepares its legal defenses, the broader cryptocurrency community watches closely, understanding that the outcome of this case could significantly affect the regulatory landscape for digital currencies in the United States.
The current price of XRP (Ripple) is approximately $0.488672 USD. Recently, XRP has been trading in a daily range between $0.488568 and $0.506170. Over the past year, XRP has experienced a price range of $0.412962 to $0.887511.
The market capitalization for Ripple stands at around $26.936 billion, with a circulating supply of 55.12 billion XRP out of a total supply of 99.99 billion.
Based on this information and recent trends in the cryptocurrency market, I predict that XRP could potentially increase to around $0.50 in the short term, assuming market conditions remain stable and there are no significant negative developments in the crypto industry or regulatory challenges.
