Connect with us

News

Ripple and SEC File Their Summary Judgement Pleadings, What Does It Mean to XRP Price?

mm

Published

on

VOC, Voice of Crypto, XRP

Key Insights

  • Over the majority of the previous seven days, the price of XRP has been relatively bullish.
  • The price action of XRP seems bullish from longer perspective.
  • SEC and Ripple Labs both filed their summary judgment briefs earlier this week.

 

In the legal battle that has raged on between Ripple and the US Securities and Exchange Commission for years now, both parties have now taken one of the final steps to put the fight between them. This step is one of the last on the path to determining whether XRP was indeed security when the SEC served Ripple with the now-two-year-old lawsuit.

And according to an announcement tweet from the defense attorney and former federal prosecutor James K Filan, the SEC and Ripple Labs both filed their summary judgment briefs earlier this week.

Ripple Versus SEC Lawsuit Timeline

The timeline of the ongoing lawsuit has been public for a while now.

Advertisement
  • On 30 November for example, both Ripple and the SEC need to have filed their summary judgment briefs, which they already have at the time of writing (29 November).
  • On 2 December, the two parties are expected to discuss any redactions for the court filings in a brief meeting.
  • On 5 December, the Ripple versus SEC briefs will be made public,
  • On 22 December, the Omnibus Motion to seal and finalize all the documents about the summary judgment briefs will be filed.

However, in light of new information and with the nearest deadlines coming up on 30 November, 2 December, and 5 December, James K. Filan has implied that some of these scheduled dates might shift depending on when the redacted replies to the filed summary judgments are filed.

James K. Filan suggests that since the opening motions for summary judgment were submitted earlier than the required date of 19 September or 17 September, the redacted answers may also be submitted sooner than expected.

At the same time, Filan also mentioned that rather than the required 24 September filing date, the disagreements with the summary judgment motions were submitted on 21 September. He predicts that the redacted responses to summary judgment applications may now come in by Friday, 2 December.

There have also been bits of predictions all over the internet and from relevant sources that the lawsuit may be resolved in about two to three months if all the briefings come through successfully in November.

Ripple (XRP) Price Analysis

Over the majority of the previous seven days, the price of XRP has been relatively bullish. However, the price of the cryptocurrency was slightly bearish at the beginning of the last week of November.

The price action of XRP seems bullish from longer perspectives, as many investors are now looking into the cryptocurrency in light of recent reports regarding the Russo-Ukrainian conflict and Russia’s alleged interest in a blockchain-based, decentralized system for cross-border payments.

Chart showing the price action of Ripple, VOC, Voice of crypto

Chart showing the price action of XRP | Source: TradingView

On the charts, the price of XRP has created a Rising Wedge formation, suggesting that potential bullishness may be in play. In order to defeat the bears and break out of this wedge, however, the bulls must raise the price of the cryptocurrency above the $0.41 region.

The 20-day EMA’s flattening trend and the daily RSI’s proximity to the neutral zones indicate that the near-term bullish momentum has waned, and the cryptocurrency may consolidate for a while.

Advertisement

To start a breakout and a fresh upswing, the bulls must now push and maintain the price of XRP over the $0.41 zone.

On the other hand, the bears are attempting to drive the price of the cryptocurrency lower and, if successful, may push XRP to a low of $0.34 or beyond.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

 

 

Advertisement

 

 

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

Newsletter

Trending