Ripple Vs. SEC Legal Battle Continues With Major Trial Set For April

According to CryptoPotato, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) has been ongoing since December 2020, when the regulator sued the blockchain enterprise for selling billions worth of XRP as an unregistered security. Ripple has achieved partial victories, including a favorable ruling on its past sales and the dismissal of charges against its executives. However, the case is far from over, with a major trial set for April to determine the outcome. In July, a US Federal Judge determined that Ripple’s programmatic sales from years ago did not include an offer of investment contracts. XRP's price reacted with a rapid increase above $0.85 but descended to approximately $0.50 shortly after. The company secured a second partial victory against the SEC when the magistrates dismissed the regulator's wish to appeal the initial ruling and a third one when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the watchdog. Most recently, Judge Analisa Torres set a schedule for remedies-related discovery and briefing. Both parties are required to complete the necessary procedures before February 12, 2024. The SEC must file its brief with respect to remedies by March 13, 2024, whereas Ripple must file its opposition by April 12, 2024. The outcome of the lawsuit is expected to significantly influence XRP’s price. Analysts predict potential increases in XRP’s value depending on the case’s resolution and market factors. Some analysts have predicted that XRP’s rise might not wait until spring 2024. The X (Twitter) user EGRAG CRYPTO thinks the token’s valuation could ascend to as high as $1.40 by the end of 2023 should it overcome a major resistance level, described as a “consolidation” zone. For their part, Dark Defender believes an impressive surge this week could lift XRP to approximately $0.87 on November 19.