SEC vs. Ripple Drama Unfolds

• Although the SEC vs. Ripple case is taking a backseat until 2024, as discovery proceeds, case-related news will continue to influence XRP prices.
• There is still speculation of a possible settlement between the two parties and great excitement around a possible XRP ETF application.

XRP looks destined to end the week on a positive, adding nearly 2 percent in the last 24 hours. This is a positive for the Ripple-related token after losing nearly 8 percent in the last 7 days. At the time of press, the digital asset is trading at $0.6449. For the last couple of months, the ongoing SEC vs. Ripple case has been fueling prices. A string of minor victories in favor of Ripple has seen XRP rally to become the fifth-ranked cryptocurrency by market cap.

According to the court scheduling order, for the rest of the year, court proceedings could have a significantly lower influence at the XRP price. The scheduling order shows that the SEC and Ripple must complete remedies-related discovery by February 12, 2024. Discovery proceedings obviously still have a great influence on the case as well as the token prices. A more significant date is March 13, 2024, when the SEC must file its brief concerning remedies. This brief will show how aggressively the SEC will pursue any case appeals.

As CNF reported, there has been speculation that the two parties could settle over the coming weeks. The SEC is reportedly eyeing a jaw-dropping $770 million settlement. CryptoLaw US and amicus curiae attorney John E. Deaton believes that this number will drop exceptionally once the two parties engage in meaningful talks. According to Deaton, a settlement under $20 million in the Ripple XRP lawsuit against the SEC would be a significant legal victory for Ripple.

Read More: Ripple’s $20M Settlement Seen as 99.9% Win, Crypto Lawyer Asserts

It is clear that a settlement would benefit both parties with RIpple having spent nearly $200 million to defend its position and the SEC facing a nearly certain defeat in this case.

Ripple IPO and XRP ETF Prospects

XRP investors are hugely optimistic about the digital asset should Ripple settle the case out of court or get a straight win from the judge. One of the most anticipated developments is  Ripple going public through an initial public offering (IPO). Ripple CEO Brad Garlinghouse has hinted at this prospect in the past, and interest in this has been high.

With legal clarity, the digital asset is further going to enjoy institutional interest, more so, if an XRP ETF is approved. As CNF recently reported, amidst speculation of an imminent approval of Bitcoin spot ETF, experts are questioning the failure of an XRP spot ETF application despite the altcoin being the only cryptocurrency with legal clarity.

Earlier this week, there was speculation that BlackRock had filed for an XRP ETF, triggering a brief surge in XRP’s value but the asset manager has since refuted these claims.