Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continue their legal struggle. A key figure from Ripple, the company’s Chief Legal Officer (CLO) Stuart Alderoty, made comments about the upcoming court process. Alderoty highlighted critical points in the process in light of recent developments and stated that Ripple must adhere to the court schedule.
The Future of Ripple
It is a known fact that Ripple must submit its petition by the end of April 22, 2024. Following this, the SEC must submit its response by May 6, 2024. Alderoty drew attention to the importance of adhering to the projected timelines.
After the SEC’s allegations against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen were dismissed, a significant phase of the case was concluded. The dismissal of the case without any prejudice had a significant impact on the proceedings.
Despite these developments, the SEC’s pursuit of a final decision against Ripple, alleging a violation of Section 5 of the Securities Act of 1933, continues to bring uncertainties.
The SEC’s accusations center on Ripple’s alleged unregistered offers and sales in corporate transactions of XRP.
Current Status of XRP
Discussions on whether a settlement between Ripple and the SEC will occur are becoming increasingly vocal following the latest updates in the case.
Although it is indicated that a “Final Pre-Trial Conference” will take place on the first day of the court calendar, April 16th, details in the courtroom are still interpreted as uncertain, leading experts to speculate about the outcomes of the SEC’s dismissal of charges against Ripple executives.
As of today, the market sentiment for XRP appears to be declining, with the digital asset experiencing a 1.45% drop, trading at $0.4976, which represents a 0.18% increase.
In the last 24 hours, it has continued to trade between the lowest level of $0.4793 and the highest level of $0.501.
XRP’s market cap has risen to 27 billion dollars during this period, while the 24-hour trading volume has fallen by 18.6% to 1.9 billion dollars.
