In the cryptocurrency world, all eyes are on XRP as whales—holders of large amounts of the digital asset—transfer a whopping 180 million coins. This move has added a new layer of intrigue to the ongoing legal clash between Ripple and the U.S. Securities and Exchange Commission (SEC). With the courtroom showdown reaching a critical stage, April 29 is a date everyone’s watching, as it marks the deadline for the SEC to respond to Ripple’s motions, thanks to a ruling from Magistrate Judge Sarah Netburn.
This extra time gives both sides a chance to lay out their arguments carefully.
People are divided on what might happen next in this legal showdown. Some are hopeful for a settlement that could finally bring an end to the long-running dispute, while others are unsure who will come out on top. Attorney Jeremy Hogan is cautiously optimistic, estimating a possible settlement around $100 million, a far cry from the SEC’s initial demand of $2 billion.
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, argues for a much smaller penalty, suggesting a maximum of $10 million. Ripple’s stance underscores their call for fair treatment and a reasonable resolution. As uncertainty looms over the lawsuit’s conclusion, stakeholders eagerly await further developments, knowing the outcome could have far-reaching implications for the cryptocurrency world.
Read More: Unfazed by SEC Lawsuit, Ripple Prepares for IPO with Strong Investor Interest
In the latest twist, Judge Sarah Netburn has made a significant decision in response to Ripple’s request to dismiss the SEC’s expert submissions. Granting an extension for the SEC’s reply until April 29, 2024, Judge Netburn’s impartial actions continue to guide the legal process with fairness. As Ripple prepares to submit its response within the given three-day timeframe, all eyes remain on the courtroom proceedings.
Also Read: Incoming Ripple Stablecoin Raises Questions: Is This the End of XRP?
Despite the legal drama, XRP holds its ground in the market, currently trading at $0.5320, showing a slight 1.05% increase. While the one-day trading volume has dipped by 12.74% to $1.31 billion, XRP has managed to gain 6% over the past week, signaling stability amidst market fluctuations.
Keep an eye on the April 29th deadline – it could be a turning point!
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