XRP price falls 5% as Ripple and SEC prepare for potential future court proceedings
- XRP price is down almost 5% as Ripple vs. SEC document fails to give direct indication of the likelihood of a settlement.
- Based on the document, both parties are still engaging in the litigation process, preparing for potential future court proceedings.
- Meanwhile investors’ eyes are peeled on November 19, the “pivotal moment” as iso2022 goes in gear and banks embrace XRP.
Ripple (XRP) price is on a load-shedding exercise after a steady climb that began around mid-October. The slump is unorthodox considering the broader market has been pumping of late, led by Bitcoin (BTC) and Ethereum (ETH). It is also unusual judging from how the XRP community tends to respond to ecosystem news, and points to a gloomy outlook among community members as they awaited a briefing from their longstanding case with the US Securities and Exchange Commission (SEC).
Ripple and SEC may have a day in court after all
Ripple (XRP) and the US SEC have drafted a letter to Judge Analisa Torres, who continues to spearhead the case, proposing schedule regarding remedies discovery and briefing.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have submitted to Judge Torres a proposed schedule regarding remedies discovery and briefing. pic.twitter.com/7OyVTnTeyc
— James K. Filan (@FilanLaw) November 9, 2023
Based on the address, the parties “agree that permissible discoveries will include facts occurring in the period before the filing of the SEC’s complaint.” Accordingly, the financial regulator proposes 90 days from the entry of a scheduling order from the court to conduct remedies-related discovery.
This proposition comes as the SEC intends to bring certain evidences that post-dates the complaint because it considers these discoveries relevant to claims for injunctive and monetary remedies.
Nevertheless, Ripple, the defendant, reserves the right to oppose the discoveries. However, if the court does allow it, then the defendant would have to petition the court for an extension of the discovery deadline.
Coming together, Ripple and the SEC agree that the payments companies that within a window of 45 days after the entry of the scheduling order, the payments firm could serve on the commission a more prominent version of the proposed report by Attorney Anthony M. Bracco, and within a period of 90 days of the scheduling order, the commission could depose Mr. Bracco. This means giving a sworn evidence. The proposals go on, alluding to the two parties preparing for a day(s) in court.
Ripple vs SEC proposal for schedule regarding remedies discovery and briefing.
It is worth mentioning, however, that settlements can occur at any stage, often resulting from ongoing discussions that may be happening alongside the formal litigation process. It is also possible that this preparation may be part of the strategic positioning to create leverage in settlement negotiations.
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Ripple price outlook with a settlement on the cards for the plaintiff and defendant
Ripple price is struggling to hold above the $0.66 support level, but this base continues to wear thin for XRP as momentum is falling fast. If this level fails to hold as a support, the price could dwindle further to test the $0.59 support level.
In the dire case, Ripple price could fall back into the consolidation, extending from $0.47 to $0.53. Falling momentum is indicated by the nosedive displayed by the Relative Strength Index (RSI) as more buyers exit the market.
XRP/USDT 1-day chart
Conversely, with some seeing the correction as an opportunity to stack up or buy XRP, increased buying pressure could see Ripple price move north to test the supply zone, extending from $0.77 to $0.81. Should the price record a daily candlestick close above the midline of this order block at $0.79, it would have confirmed the possibility of trend continuation.
The next possible target for Ripple price in such a turnout would be flipping the supply zone into a bullish break as the price reaches for the $0.90 psychological level, collecting sell-side liquidity in the process before testing the $0.93 range high.