Ripple Vs SEC Lawsuit Update: SEC Long Running Suit Nears Conclusion, XRP Price To $0.9

Ripple Vs SEC: After an extensive duration, the lawsuit is approaching its conclusion, with Ripple providing all necessary financial statements and details about XRP institutional sales. Additionally, the SEC has been granted an extra week to review the documents and prepare its remedies-related opening brief.

Meanwhile, the XRP community eagerly anticipates Judge Torres’ final ruling, especially after SEC attorneys informed the court of their decision not to appeal against XRP’s status ruling. Notably, the upcoming deadline on March 22 for briefs related to remedies will likely determine the trajectory of XRP’s price and influence market sentiment across the cryptocurrency landscape.

Ripple Vs SEC Lawsuit Could Over Soon

The SEC has lost legal challenges against Ripple Labs with judges ending up ruling in favor of Ripple attorneys on many arguments, including when the SEC dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen.

Moreover, Empower Oversight pressing the SEC and Office of Inspector General (OIG) in the final stages of investigating the SEC bias against crypto and Ripple, with former SEC Director William Hinman in the spotlight. The OIG’s conclusion of the investigation will be a deciding factor for the SEC v. Ripple Labs lawsuit.

Notably, the U.S. SEC didn’t file any supplemental authority in XRP lawsuit to argue that secondary market sales are securities, considering them investment contracts under the Howey Test. The SEC immediately filed default judgment by the court in Binance and Coinbase lawsuits. The move drew backlash from the crypto community and lawyers, indicating the SEC continuing to act arbitrarily and capriciously.

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XRP Lawsuit New Dates

After Judge Torres’ order granting an extra week for the SEC to prepare for remedies-related opening brief, the new deadline for SEC and Ripple are as follows:

• March 22: the SEC opening brief on remedies-related discovery documents
• April 22: the deadline for Ripple to file its opposition to the brief
• May 6: the deadline for the SEC to file its reply to Ripple

The SEC’s interpretation of investment contracts as applied to crypto assets is weak, said lawyer Bill Morgan. Moreover, John Deaton, attorney for over 75K XRP holders, also said the SEC can’t appeal XRP status as non-security as ruled by Judge Torres.

After the filings, Judge Torres could deliberate and rule on the SEC’s arguments on penalty for post-complaint XRP sales to institutional investors under Section 5 of the US Securities Act.

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XRP Price to $0.9

XRP price fell 7% in the past 24 hours, with the price currently trading at $0.68. The 24-hour low and high are $0.624 and $0.704, respectively. Furthermore, the trading volume has increased by 70% in the last 24 hours.

Meanwhile, market participants believe XRP price can hit $2 this year. The final judgment could spark a massive rally as XRP price hasn’t seen much upside due to the SEC lawsuit.

Despite selloff, Deribit options data still indicate traders are opening calls for $0.9 for March 29 as XRP price rallied over $0.74 this week. XRP options trading was recently launched on the crypto derivatives exchange.

Moreover, XRP futures OI are again rising after a 5% drop in the last 4 hours and indicating resilience among traders for a rally in XRP price near month-end.

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