Ripple Vs SEC: Key Executives Signal Trial Readiness for Q2 2024

In his report James K. Filan, a defense lawyer and ex-federal prosecutor reveals that Ripple leadership is primed and ready for trial in the second quarter of 2024. As per Filan, Brad Garlinghouse and Chris Larsen, Ripple’s key executives, have submitted their availability to Judge Torres for the upcoming trial.

XRP Lawsuit Dispute Escalates

Although both individuals are unavailable from April 1 through April 14, 2024, they’ve expressed readiness to participate in trial proceedings throughout the rest of the second quarter. In such high-stakes legal battles, it’s imperative that the court, defendants, their lawyers, and all vital witnesses are in sync to prevent unnecessary hitches or rescheduling. According to experts, this level of coordination underlines the gravity and significance of the pending legal resolution.

Only a few days ago, on August 18, the SEC reignited tensions by filing a motion for an interim appeal. With a deadline set for September 1, both parties are now poised to submit their opposition documents. The SEC’s rationale for this appeal strategy is intriguing. They argue that an interim appeal might ensure a comprehensive evaluation of potential remedies for all claimed violations. 

However, Ripple’s CTO, David Schwartz, countered this strategy, highlighting that any aggrieved party in a lawsuit typically awaits the case’s conclusion before seeking appellate review. This move by the SEC to seek an interlocutory review indicates a sense of urgency or strategic recalibration on their part.

XRP Price Holding $0.5 Support

Meanwhile, XRP, Ripple’s native cryptocurrency, has seen fluctuations in its value amidst this legal turbulence. Current statistics show XRP price trading at $0.52, with a promising 24-hour uptick of 4.12%. With its market cap at $28,158,056,223, XRP holds the 5th position on CoinMarketCap’s rankings. 

XRP/USD 1-day price chart, Source: CoinMarketCap

The ongoing legal proceedings cast a significant shadow on the future of XRP, especially for those who’ve been invested for over half a decade. As the circulating supply of the coin grows, with a cap set at 100 billion, analysts and investors alike are keenly watching the coin’s trajectory amid this legal storm.