Today, XRP whales moved 180 million XRP. This development increased speculation in the important legal decision process between Ripple and the SEC. The SEC case is moving towards resolution, reaching an important milestone in this three-year-long legal battle. In a scheduling order set by Magistrate Judge Sarah Netburn, the April 29 deadline for the SEC to respond to Ripple's requests stands out as a critical date that could affect the course of the case. This extension provides an opportunity for both sides to present their arguments effectively.
Criminal Discussions Are Heating
Market observers are meticulously monitoring every step of this legal process and speculating on possible outcomes. Some may see the possibility of a resolution or compromise in the case. However, there are different opinions about which side will win. Lawyer Jeremy Hogan states that he is still hopeful about the possibility of Ripple making a deal. He suggests this deal could be worth around $100 million. This amount is a very different proposal from the SEC's previous request for $2 billion in disgorgement and prejudicial interest.
However, Ripple's Chief Legal Officer Stuart Alderoty requests a lighter sentence, arguing that the penalty should not be more than $10 million. This stance clarifies Ripple's point of view and emphasizes the need for a fair and reasonable response. Although the outcome of the case is uncertain, those involved are waiting for more information because they know what this could mean for the cryptocurrency industry.
Latest Developments Regarding the Case
In the new development, Judge Sarah Netburn issued a new order. Here, Ripple requested to drop the SEC's final expert submissions, and the judge granted an extension until April 29, 2024 for the SEC's response. Now Ripple needs to respond within three days. Judge Netburn's role remains pivotal and she preserves the integrity of the legal process through her impartial decisions.
Currently, XRP is trading at $0.5320, representing a 1.05% increase with a daily trading volume of $1.31 billion, down 12.74%. Despite the recent fluctuations in the market, XRP gained 6% last week.
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