The presiding judge in the litigation SEC v. Ripple, Judge Analisa Torres, has established revised timelines for the processes of remedies discovery and briefing. Judge Torres carefully examined the correspondence dated November 9th and established four crucial deadlines for both parties involved.
The deadline for the completion of discovery pertaining to remedies, which includes the exchange of information and pretrial procedures, is set for February 12, 2024.
The deadline for submitting briefs pertaining to remedies is March 13, 2024.
The deadline for the defendants (Ripple) to submit their opposition is April 12, 2024.
The deadline for the plaintiff (SEC) to submit their reply is April 29, 2024.
According to Attorney Fred Rispoli, based on the aforementioned schedule, it is unlikely that the 2nd Circuit will issue an appeal before to mid-2026. Judge Torres' order on July 13 provides a definitive interpretation about the regulatory status of XRP tokens. According to Attorney Rispoli, it is anticipated that the judgment made by J. Torres on July 13, 2023 will possess a high degree of durability and permanence.
The presence of clear regulations has contributed to an increased demand for XRP among both individual retail traders and institutional dealers.
The price of XRP had a notable surge, reaching $0.7496, but thereafter underwent a sell-off. This price movement was reportedly influenced by market speculation about the potential filing of an XRP exchange-traded fund (ETF) by BlackRock, an asset management company.
According to a report from Coindesk, BlackRock, a prominent asset management company, has refuted speculations regarding the potential introduction of a Ripple Exchange-Traded Fund (ETF) by stating that it has no intention of initiating an Exchange-Traded Fund specifically for XRP. This clarification came after the cryptocurrency had a significant surge in value, followed by a subsequent sell-off.
A regulatory document indicating the submission of an XRP exchange-traded fund (ETF) application by BlackRock circulated on several social media sites, such as X. This development generated a positive outlook among XRP holders and resulted in a 10% increase in the altcoin's value, however it has since seen a subsequent decline.
As of the present moment, the XRP price has experienced a decline of around 8% over the course of the week and 2% during the span of a single day. The cryptocurrency had a reversal of its weekly gains subsequent to the asset manager's response to the rumors pertaining to XRP ETF.