- XRP is struggling to trade in the green zone amidst a market-wide bear trend that has seen a majority of altcoins retest local support.
- A significant update in the SEC v. Ripple case indicates that the two parties have filed a joint proposal to seal confidential materials in the upcoming remedies brief.
A recent update in the SEC v. Ripple case reveals that the parties have filed a joint proposal to seal confidential materials in the upcoming remedies brief. The brief, which will be held on March 22, will be sealed, meaning the remedies-related briefs will remain under wraps and won’t be available to the general public until March 26.
As CNF has reported, March 22nd is a critical date for the ongoing suit. On this day, the SEC will give its opening brief for remedies, with Ripple afforded one month to respond on April 22. Two weeks later, on May 6, the SEC will get its last opportunity to reply to Ripple’s opposition, as Attorney James Filan revealed.
With details of the proceedings now to be kept a secret, this adds to the intrigue. However, this could be damaging to XRP prices, with investors uncertain of the next steps in the case.
Amidst these developments, XRP has taken a hit, dropping to the red zone. At the time of writing, XRP is trading at $0.59 after a 3% drop in the last 24 hours. This extends the digital asset’s weekly losses by nearly 15% and sees it breach the $0.60 critical support. In the past couple of weeks, investors have taken refuge in this position, staging rebounds due to heavy accumulation at these levels.
The recent poor performance has coincided with large volume transfers from whales. Santiment data reveals that there have been over 14,000 large-volume XRP transfers by whales in the past 10 days. This movement coincides with the decline in XRP price, suggesting that whales are likely selling their XRP at a loss.
Although neither the SEC nor Ripple have given any hints of a settlement of the lawsuit, this remains a possibility. In the past, the SEC has settled most of the cases brought against crypto firms. With the Ripple case, the agency is staring at an imminent loss according to many legal experts. Additionally, with an administration change expected after the upcoming U.S. election, the regulator might look to end the case, which has spanned years. For Ripple, the end of the case, could save the fintech company millions in legal fees and see it focus its time and resources on the development and expansion of itself and the XRP token.
In the long run, XRP remains one of the most bullish cryptocurrencies, depending on the outcome of the lawsuit, increased institutional investment, and the launch of an XRP ETF. As CNF has highlighted, crypto experts foresee XRP reaching as high as $500 by 2025.
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