Ripple vs SEC: Judge Approves Delay in Remedies-Related Discovery, XRP Surge to $0.52
Mustafa Mulla9 Feb 20242 min read
Amidst the ongoing legal battle between Ripple and the U.S. SEC, Judge Analisa Torres has granted Ripple’s plea for an extension in the remedies-related discovery process. The extension involves the SEC’s demand for detailed financial statements covering 2022-2023 and specifics on post-complaint XRP institutional sales.
Ripple’s Extension Request Approved
In response to Ripple’s Motion for an Extension of Time for remedies-related discovery, Judge Analisa Torres issued an order, as documented in a recent court filing.
However, this ruling comes after Magistrate Judge Sarah Netburn approved the SEC’s motion, directing Ripple to provide details on its 2022-2023 financial statements and post-complaint XRP institutional sales contracts.
Although, Ripple has already promised to fulfill the SEC’s demands, like sharing 2022-2023 financial statements and details about XRP sales. Meanwhile, ripple stated that it’s tough to gather three years’ worth of XRP sale info. They have asked for more time, pushing the deadline from February 12 to February 20, 2024. Ripple believes it’s fair to ask for extra time when needed.
Ripple’s Commitment to Compliance
As the legal saga advances to the remedies phase, both Ripple and the SEC are gearing up for legal briefs scheduled for March and April proceedings. The Court will subsequently decide on the remedies to be imposed.
In the face of legal challenges, Ripple remains steadfast in its commitment to upholding high standards of compliance, ethics, and transparency. The company affirms its dedication to allocating the necessary resources for compliance with legal obligations.
XRP Price Movement
XRP has witnessed a noteworthy 11% surge in 24-hour trading volume, signifying an increased interest from traders and speculators. This positive trend aligns with a 2.38% rise in market capitalization, reaching $28 billion.
Over the last 24 hours, XRP experienced a 2% surge, reaching a current price of $0.52. The price fluctuated between $0.5119 and $0.5214 during this period.
Perhaps the XRP community is excited and hoping that XRP’s price will go up beyond the $0.60 support level. It’s interesting to note that this support level reached its highest point at $0.82 in July, around the same time when Judge Torres made a favorable ruling for Ripple.
