Ripple vs SEC Lawsuit: XRP Price Spike Over Settlement Speculations

Ripple vs SEC Lawsuit: XRP Price Spike Over Settlement Speculations

The historic Ripple vs SEC lawsuit is now at a crossroads to reach an agreement or extend the case for an additional six months.

Ripple and SEC Have Lot of Work To Do Based on Discovery Disputes

According to the exclusive Ripple and SEC lawsuit calendar provided by James K. Filan on November 8, it is clear that the upcoming deadline is an urgent concern for the SEC and could further cause the plaintiff to seek a possible settlement.

In his comment, he stated that the parties have a lot of work to do based on recent decisions on discovery disputes.

By next month, the commission is compelled by the court to discover and answer manifolds formerly argued as “irrelevant” positions according to the plaintiff, in the XRP lawsuit. The most impactful of these upcoming deadlines was determined last month, where the court granted and declined certain aspects of two motions for both parties respectively. First was the Defendants’ Motion to Compel the SEC to produce interrogatories responses, regarding SEC’s Howey Test blanket application theory. And the second motion was Plaintiff’s Motion seeking a protective order under FRCP 26(c)(1), relieving the plaintiff of any obligation to respond to the 29,947 requests for admission (RFAs).

Judge Netburn granted a part of SEC’s protective order instead of the burdensome nature of the defendant’s request. However, the judge pointed out Ripple’s sly efforts at intentionally making a specific line of questions unrealistically extensive, so the court would conveniently grant other requests. The Judge noted that “it is hard to view this stunt as anything more than Theatre” to Defendants’ extensive 28,849 RFAs, further granting protection to the plaintiff on burden grounds. Nevertheless, by hook or crook, Ripple has now occupied the dominant position in the lawsuit. If the SEC agrees to provide legal clarity on XRP’s status, then the community is looking at a mere weeks away settlement.

XRP’s Fast Bull Run

The market sentiment towards XRP settlement news is appearing positive as the token steadily rose to a green during the ongoing bull. Ripple’s XRP may be frozen in several exchanges but despite it, the coin’s value has hiked by over 18 percent in the past week, with the price standing at $1.29, and a market cap of almost $60 billion, at the time of reporting

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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