- Judge Torres amends the proposed SEC v Ripple calendar in a bid to end proceedings this year.
- Last week, both parties agreed to closing briefs just before Christmas, raising the prospects of proceedings extending into 2023.
- Ripple CEO Brad Garlinghouse gives an update on Ripple performance outside of the US.
It’s been a bearish second half of the month for XRP.
On Thursday, XRP fell by 1.46%. Reversing a 1.54% gain from Wednesday, XRP ended the day at $0.6428.
XRP tracked the broader crypto through the week, with market risk aversion weighing on the crypto market.
News updates on the Ripple v SEC also weighed on XRP, with the extension to the SEC case troubling XRP investors.
Judge Torres Amends Proposed SEC v Ripple Calendar
Overnight, defense attorney James Filan shared a new proposed calendar. Judge Torres modified the SEC and Ripple Lab’s extension request dates.
According to the court document filed on April 28,
- By July 12, 2022, the parties shall file any motions to exclude expert testimony and file all their oppositions by August 9, 2022.
- The parties shall file replies, if any, by August 30, 2022.
- By September 13, 2022, the parties shall file any motions for summary judgment and Rule 56.1 statements.
- The parties shall file their oppositions and responses by October 18, 2022.
- By November 15, 2022, the parties shall file replies, if any.
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres modifies proposed calendar. Motions to exclude expert testimony must be fully briefed by August 30, 2022. Motions for summary judgment must be fully briefed by November 15, 2022. pic.twitter.com/nP9SpXyLik
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 28, 2022
Previously, both parties made an extension request for,
“Oppositions to any motions for summary judgment, response to Rule 56.1 Statements, and responses to motions to exclude testimony must be filed by November 2, 2022.”
Additionally, both parties previously requested,
“Replies to any opposition must be filed by December 20, 2022.”
The move by Judge Torres to bring forward the proposed end data by more than a month may be in favor of Ripple Lab.
It remains to be seen whether the SEC is willing to test Judge Torres with another extension request.
The news follows a recent Bloomberg interview with Ripple CEO Brad Garlinghouse.
Bloomberg Crypto Full Show Interviews Ripple CEO Brad Garlinghouse
On Wednesday, Bloomberg Crypto Full Show interviewed Ripple CEO (time stamp 00:11:10), Brad Garlinghouse. While XRP showed little reaction to the interview, there were some interesting comments for the crypto market to consider.
Salient points from the interview included,
- The outcome will impact the whole crypto industry.
- SEC is dragging its feet, with the US the only country that thinks Ripple is a security.
- Ripple is operating as though it has already lost the case.
- For US XRP, there is no liquidity, with XRP frozen and halted on most US-based exchanges.
- Despite that fact, Ripple had a record year in 2021 and a record Q1, 2022.
- Ripple continues to see growth across its product groups.
- Almost all growth comes from outside of the US, with Ripple hiring more and more people outside of the US.
- Customer base is now 95% non-US payment companies.
- Demand for XRP cross-border transactions grew 8X in Q1 2022, year-on-year.
- While demand has skyrocketed, it is just frustrating that, in the US, where we have led innovation in so many different industries, we have an agency that is overreaching and straining competitiveness.
XRP Price Action
At the time of writing, XRP was down 0.34% to $0.6406. A mixed start to the day saw XRP rise to an early morning high of $0.6466 before falling to a low of $0.6334.
XRP no little support from case extension.
XRP will need to move through the $0.6445 pivot to target the First Major Resistance Level at $0.6553. XRP would need broader crypto market support to return to $0.65.
In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.6681 and resistance at $0.67. The Third Major Resistance Level sits at $0.6917.
Failure to move through the pivot would bring the First Major Support Level at $0.6317 into play.
Barring an extended sell-off throughout the day, XRP should avoid sub-$0.60. The Second Major Support Level at $0.6209 should limit the downside.
Failure to move through the pivot would leave support levels in play.The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. Following eight days in the red from nine sessions, XRP sits below the 50-day EMA at $0.6406. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, XRP negative.
A move through the 50-day EMA would support a shift in sentiment and a return to $0.65.