XRP surges while Ripple faces SEC deadline - CryptoCrazeNews

XRP surges while Ripple faces SEC deadline

XRP surges while Ripple faces SEC deadline

XRP surges while Ripple faces SEC deadline

XRP, the sixth largest crypto, printed greens on Tuesday sending relief to the market. XRP price jumped around 2% in the last 24 hours while Bitcoin (BTC) price recorded a decline. This surge had come after a long period of waiting time over the resolution of the Ripple vs US Securities and Exchange Commission (SEC) lawsuit. However, it is expected that the industry would have to hold back for some more time.

Ripple set to reply

To address some misconceptions regarding the Ripple vs. SEC case, it’s clarified that the extended deadline for remedies-related discovery is tomorrow, and we won’t see what Ripple has handed over until the SEC files its brief on March 13. The final decision by Judge Torres is not due in April; final submissions for remedies are due on April 29. The case might extend into July/August, and a settlement is the only way it could end by April.

As the Ripple Vs SEC legal saga continues, the commission won a recent ruling regarding XRP’s status as a security. On February 20, Ripple is required to provide its financial documents to the SEC. This will mark a crucial date in the history of the lawsuit. 

Ripple is required to submit records of financial statements for 2022 and 2023. However, the defendants will have to answer questions from the SEC and provide information on contracts made after the initial complaint about selling XRP to major organizations. 

The defendants had resisted to submit the documents. Ripple was ordered by Judge Sarah Netburn to produce the information materials by February 12. An extension was further granted until February 20. Through this move, SEC aims to understand how Ripple uses XRP within its company.

XRP whales on the move

Amid this legal move, an on-chain whale tracker reported that crypto whales have moved around 70 million XRP tokens (approx worth $49 million) in multiple transactions in the last 24 hours. However, the biggest move was made by a wallet linked to Ripple. It moved 60 million XRP (approx worth $34 million) to an unknown wallet.

Recently, David Schwartz, CTO of Ripple, engaged with the XRP community. He addressed concerns about Ripple’s sales impacting XRP’s price dynamics.

XRP price has seen a surge of 8% in the last 7 days building a positive momentum in its favor. XRP is trading at an average price of $0.57, at the press time. Its 24 hour trading volume is up by 67% to stand at $1.4 billion.

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