The proposal aims to ensure quick and brief access while allowing for necessary rewritings.
March 22 marks an important milestone in the SEC v. Ripple, as the SEC will file key initial briefs on Ripple’s proposed solutions. Defense attorney James K. Filan highlights upcoming deadlines, with Ripple’s opposition brief scheduled for April 22, followed by the SEC’s response on May 6.
Despite the ongoing legal proceedings, XRP trading volume increased, but overall, it is down 5.6% in the last 24 hours, reflecting the broader decline in the cryptocurrency market.
In the latest update, Filan shared a joint sealing proposal submitted by both parties to address sealing issues related to the upcoming solutions-related briefing.
According to the joint filing, the SEC and Ripple will now submit a joint proposal to the court on sealing issues for upcoming appeal-related briefs.
The Proposed Calendar
March 22, 2024: The SEC files its opening brief regarding sealed remedies. March 25, 2024: Parties meet to identify necessary redactions.
March 26, 2024: SEC files public, redacted brief version.
April 22, 2024: Ripple files a public, redacted version of its opposition brief unless it contains confidential information.
May 6, 2024: SEC files its sealed response brief.
May 8, 2024: The SEC files a public, redacted version of the response brief. In summary, based on the schedule, parties and third parties will have ample opportunities to file motions and propose rewritings.
Ultimately, public, written versions of all documents must be filed within 14 days of the court’s decision on sealing motions.
What’s Happened So Far
The SEC received an extension to analyze Ripple’s recent financial statements, delaying its initial brief filing on March 13. This delay allows the SEC to strengthen its case with updated financial data, which could argue for a significant penalty.
Ripple will have until April 22 to file its opposition brief, countering the SEC’s claims. The SEC will then have until May 6 to file a response brief, reiterating its stance on the alleged securities violations.
Market Response: XRP Price Movement
In response to market movements, XRP trading volume has increased by 138% amid the market decline, reaching $3.96 billion. Investors are speculating on the reasons behind the rise, while XRP’s golden cross pattern sparks optimism.
However, caution is advised as XRP price falls to $0.582 after hitting highs, down 4.59% in 24 hours. Investors remain on the lookout for potential weakness if the price falls below $0.57.
XPR Price Analysis
XRP price performance in 2024 stands at just 1.85% despite a prevailing bullish sentiment across the cryptocurrency market. For example, Bitcoin and Ether have gained 58% and 68.50% in the same period. Perhaps more surprising, the XRP/BTC pair has lost 88% over the past five years. Perhaps more astonishing, the speculation on several Ethereum spot ETF approval for May.
The performance of the last 24 hours indicated that XRP could have more strength to weather the turmoil that the market could bring. For example, XRP recorded a 2.64% decline, while Bitcoin price below $64,000 represented a 6.98% drop.
In the last 24 hours, Bitcoin dominance fell from 54.21% to 53.63%. If this ratio falls below the 50% average, then XRP could have a chance of outperforming the coin. Otherwise, the token could remain in BTC’s shadow.
By Audy Castaneda
