In a recent development, Ripple (XRP) has been facing a downturn in its price trajectory. This downturn contrasts sharply with the broader cryptocurrency market’s overall upward trend, where major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have been experiencing significant surges.
XRP (XRP) is priced at $0.656894, accompanied by a 24-hour trading volume of $2.7 billion, reflecting a 5.93% decline in price over the past 24 hours.The slump in XRP’s value is surprising, coming amidst an optimistic period in mid-October and diverging from the typical enthusiasm seen within the XRP community.
The recent decline in Ripple’s value appears to have a connection to its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC). This connection is highlighted by a joint letter that was recently submitted by both parties to Judge Analisa Torres, who is presiding over the case. They proposed a schedule for remedies discovery and briefing as highlighted by lawyer James K. Filan on Twitter. This suggests a strategic move by both parties, possibly indicating preparations for an eventual court confrontation.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have submitted to Judge Torres a proposed schedule regarding remedies discovery and briefing. pic.twitter.com/7OyVTnTeyc
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 9, 2023
The SEC aims to introduce new evidence that emerged post-complaint filing. This evidence is believed to be crucial for the SEC’s pursuit of injunctive and monetary remedies. Ripple, while reserving the right to contest these discoveries, may face an extended discovery deadline if the court permits the SEC’s request.
Moreover, there’s an agreement on the procedure for handling the report by Attorney Anthony M. Bracco. Ripple will provide an enhanced version of this report to the SEC. Subsequently, the SEC will have the opportunity to depose Mr. Bracco. This step signifies the seriousness of the legal proceedings, pointing to both parties gearing up for a decisive legal battle.
However, it’s important to note that settlements are a possibility at any stage of such litigation. The ongoing preparations could very well be part of a broader strategy, potentially serving as leverage in settlement discussions. This aspect introduces a layer of complexity to the situation, as it suggests that what the public domain sees might only be part of the story.
As Ripple and the SEC navigate this legal maze, the XRP community watches closely, their sentiment undoubtedly impacted by each development. The outcome of this case could have significant implications not only for Ripple and its investors but also for the broader cryptocurrency market.
