$XRP Surges After SEC Request for Extension in Ripple Lawsuit

XRP experienced exciting developments in the last 24 hours! The SEC requested a one-week extension for submitting summaries of potential settlement paths in its lawsuit against Ripple. This request triggered volatility in XRP, causing its price to surge by 6%.

What happened?

The SEC asked the Southern District Court of New York to postpone the deadline for its opening brief from March 13 to March 22, and for Ripple's opposition brief from April 12 to April 22.The regulatory body requested the deadline for its reply brief to be pushed back from April 29 to May 6.The SEC argued that its request was in good faith and that the recently resolved discovery dispute necessitated the extension to prepare summaries in accordance with the schedule.Ripple welcomed the extension request.The court has not yet responded to the SEC's request.

Impact on XRP:

XRP surged to $0.59 following the SEC's request and closed the day with a 6% increase.The cryptocurrency started the new day with a slight drop and is currently trading sideways at $0.58.XRP is on track for a 15% monthly gain as February comes to an end.However, the cryptocurrency is down 8% year-to-date.

Case update:

The trial is scheduled to begin on April 23 with a jury.

Disclaimer: This article is not investment advice. It is important to do your own research and consider the risks before making any investment.