As per recent updates shared by defense lawyer, James k. Filan, April may be a decisive one in the Ripple-SEC case. In fresh updates to the Ripple case, Ripple Individual Defendants’ request for an extension of time to file their answers has been granted in a Text Only Order.
The Individual Defendants’ answers are due no later than April 8, 2022. Earlier, Ripple Defendants, Brad Garlinghouse and Chris Larsen filed a Motion for Extension of Time, until April 8, 2022, to file their answers to the SEC’s First Amended Complaint.
According to James k. Filan, the filing of the Individual Defendants’ answer remains the triggering event. He says that When the answer is filed, even before April 8th, the date the answer is filed starts the two-week clock running for the filing of the SEC position on discovery and the Joint Proposed Scheduling Order.
He gives a lowdown of the string of events that might happen in April, ‘‘So it appears that the Individual Defendants’ answer is due April 8, 2022. The SEC’s position on additional discovery is due on April 15, 2022, and the Joint Proposed Scheduling Order is due April 22 2022”.
Also within a week of the filing of the Individual Defendants’ answers, The SEC shall inform the Court of its position on whether any additional discovery is required.
The parties, both SEC and Ripple are directed to meet and confer as to a briefing schedule for summary judgment motions. The parties shall submit a joint proposed schedule for the Court’s approval no later than one week after the SEC’s submission.
Attorney Jeremy Hogan explains the relevance of the date Ripple defendants file their answers, saying: ”Judge Netburn ties the deadlines to how quickly Garlinghouse/Larsen file their answers. The sooner they are filed, the sooner the one-week clock starts. Also, she ordered a Summary Judgment briefing schedule which hadn’t been ordered previously”.
Hogan continued, ”The parties are supposed to lay out a timeframe for summary judgment briefs to be filed and finalized. Once those briefs are submitted, the case could be decided (in theory) at any time”.
Price predictions for XRP are shifting away from the Ripple SEC lawsuit and toward the project’s underlying fundamentals. Ripple’s On-Demand Liquidity (ODL) product, is close to achieving global coverage. According to Asheesh Birla, General Manager of RippleNet, the ODL currently runs in 22 markets, with new partnerships being struck at a rapid pace.
Ripple aspires to become the dominant player in the global cross-border payments business, displacing SWIFT. RippleNet now has a transaction volume of above $10 billion, reached by the end of 2021. Thanks to a share buyback financed by a Series C fundraising round, Ripple’s valuation has risen to $15 billion.
The XRP price looks ready for the next move as it consolidates around the $0.82 level. A decisive move above $0.91 will confirm a resurgence of buyers and propel XRP above $1 or even $1.34. On the contrary, significant support lies near $0.77 if the bulls rescind.
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