XRP Lawsuit: Market rages with settlement speculations, but will either parties fold?

XRP Lawsuit: Market rages with settlement speculations, but will either parties fold?

The historic XRP lawsuit is now standing at the crossroads of entering a settlement or extending the case for another six months. According to the exclusive XRP lawsuit calendar provided by James K. Filan, it is evident that the upcoming deadlines pose a pressing concern to the SEC and may further gravitate the plaintiff towards a potential settlement.

#XRPCommunity #SECGov v. #Ripple #XRP Below is an updated schedule. Although it has been quiet publicly, you will see that the parties have a lot of work to do based on recent decisions on discovery disputes. pic.twitter.com/E5zwPzCpcU— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 8, 2021

XRP lawsuit favors Ripple

By next month, the commission is compelled by the court to discover and answer manifold 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. Furthermore, the Second motion was the 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 in lieu 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 settlement that is merely weeks away.

XRP’s steady bull run

The market sentiment towards XRP settlement news is clearly 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 more than $60 billion, at the time of reporting.

Source

Subscribe to get our top stories