Ripple

XRP Price Sustains At $0.75! Will The Latest Extension In The Lawsuit Hamper The Bullish Social Sentiments?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Mar 15, 2022

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Highlights

    The court grants SEC’s motion for extension of time to respond to Ripple’s motion to strike supplemental expert report.

    XRP portrays bullish social sentiments, amidst the turbulence in price and trade metrics.

  The folks from the digital coin industry, have been following up with the town’s biggest lawsuit. Now find yet another extension in one of the motions in the lawsuit. As the court grants, the SEC’s motion for extension of time to respond to Ripple’s motion. To strike the supplemental expert report. The lawsuit now finds a new order to the parties, and a filing by the plaintiffs.

Successively, the lawsuit drove digital asset XRP copes up to stand firm with its price. Despite the number of factors tormenting its foot movements. On the other hand, the social sentiments of XRP portray bullish metrics for the week. Which sheds light on the optimism in the community.

The SEC Continues To Hold Back The Judgment In The lawsuit? 

  Advocate James K. Filan has brought to the notice of the XRP community the latest happenings in Ripple’s lawsuit. In a recent update, the SEC has filed a motion for an extension of time until the 18th of March 2022. To respond to Ripple’s motion to strike the supplemental expert report. The due date for which was on the 16th of March. The plaintiff’s motion has been granted by the court. That said, the defendants will then file a reply by the 24th of March.

Consequently, Judge Sarah Netburn has ruled an order in light of that from the 11th of March. The order asks the parties to meet and confer to determine what if any additional discovery is necessary. That said, the parties shall have to file a joint letter by the 23rd of March 2022. Informing of any additional discovery and a schedule for the same.

On the other hand, the SEC has filed a letter claiming Judge Torres ruling on the previous motions to dismiss. Makes the SEC’s internal documents, including Hinman’s emails and Esta Brook’s notes irrelevant. And that the SEC should not have to disclose them.

Will The Social Sentiments Bring Any Relief To XRP Price?

  The altcoin at the time of press is trading at $0.7522 with losses of 2.4% over the day. XRP price has broken out of its downtrend channel and has made its way to current levels. That said, the digital asset is yet to trace above its 200 EMA to refute its long-term downtrend. 

Successively, XRP price holding onto its levels has been relieving for investors, amidst the fear of XRP’s 20% correction. Conversely, The transaction count has been ebbing since the start of the current month. The transaction count has taken a fall from 1865722 on the first of March, to 1227407 this Monday. 

However, the social sentiments have been shooting northwards, at an impeccable degree over the week. According to Lunar Crush, the social volume of XRP is up 167.8%, social engagement is up 25.7%. Whilst social dominance has shot up 406.1%, the bullish sentiments have risen 117.1%. 

Concluding, the delay in extension would not hinder the timeline of future rulings, as it is a two-day extension. And Ripple has already won the motion to strike the FND. Moreover, the SEC has a month’s time to respond to the 776 requests for admissions. That said, the price holding onto current levels could be an impetus coming from XRP’s correlation with its social dominance.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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