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Ripple v. SEC case update as of August 25, 2023

Ripple v. SEC case update as of August 25, 2023

After a surge of excitement within the Ripple community fueled by its partial victory in July against the US Securities and Exchange Commission (SEC) regarding the classification of the XRP token, a cloud of uncertainty has once again enveloped the case

As the anticipation builds for the final verdict in the US court, indications of Ripple’s ultimate triumph remain far from clear.

In the latest unfolding of events, crucial parties in the Ripple-SEC legal battle have communicated their respective availabilities to Judge Analisa Torres, who presides over the case. 

Ripple’s legal representatives have notably conveyed that the company is prepared for trial at any point in the second quarter of 2024. 

Conversely, the SEC, along with counsels representing Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen, have specified precise dates within the same quarter when they will be ready for trial proceedings, the court documents shared by a defense attorney and widely-followed commentator on the case, James K. Filan, showed on August 23. 

Potential trial dates unveiled 

According to the court documents, the SEC is prepared to attend the trial throughout the months of April, May, and June 2024. However, there are specific periods the securities cannot appear in court in these months, including April 15-19, May 1-7, and May 27-31.

Both Ripple and the SEC have previously expressed their firm commitment to move forward with the appeal in the second quarter of 2024. This shared determination was conveyed in separate communications directed to Judge Torres.

Before this announcement, a significant development occurred when the legal counsel representing Ripple executives, Garlinghouse and Larsen, formally informed the overseeing judge about their unavailability spanning from April 1 to April 14, 2024. 

This sequence of events has led to the prevailing expectation that the trial’s commencement will be postponed to April 20, 2024.

XRP latest price action

In the meantime, XRP was trending 3.45% lower at $0.51 at press time on August 25. 

The cryptocurrency gained just 0.4% over the past week, while losing around 25% on the monthly chart amid the broader market downturn and growing uncertainty around the Ripple-SEC case.

XRP 1-week price chart. Source: Finbold

Year-to-date, XRP remains up 50%, though it lost nearly all of its gains secured from the July court ruling that Ripple did not violate securities laws by selling the crypto token on public exchanges. 

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