XRP Lawsuit: After Judge Sarah Netburn approved the SEC’s request, telling Ripple to give them financial statements from 2022–2023 and details about XRP sales contracts after the complaint, Ripple’s lawyers sent a letter to Judge Torres.
XRP Lawsuit: Ripple Requests Extension of Deadline
Ripple Labs’ lawyers asked the court for an extra week to finish gathering information related to the case. Even though Ripple followed the court’s order to provide certain financial documents and answer questions, the company thinks the request for more information is too demanding.
Ripple is asking for more time to gather information related to solutions. They want to extend the deadline from February 12 to February 20, 2024. The company is giving additional proof to support their request, saying they have the right to ask for more time for any deadline to collect information.
According to the order, Ripple has to give the SEC information about selling XRP to certain groups over about three years. This is because it’s hard and burdensome for Ripple to gather and provide these documents by the current deadline.
Ripple says that it will take time only for the last request to give three years of XRP sales contracts. This won’t make the case longer because the SEC has more time to get ready for the briefing.
Pro-XRP Lawyers React to Ripple’s Request
Pro-XRP lawyer Bill Morgan responded to Ripple’s request for an extension, saying, “Why ask for 8 more days after waiting for over 3 years?”
He also commented on the SEC’s new rules about “dealers” and “government securities dealers,” which will have stricter regulations on cryptocurrency trading. These rules will start in 60 days, a few weeks after the AMM amendment to the XRPL.
Lawyer Fred Rispoli says the SEC is going after Ripple. He doesn’t understand why Ripple resisted revealing information because keeping it secret could let the SEC sue Ripple for sales after the initial complaint at a later date. Nevertheless, he believes Ripple and XRP are still ahead.
XRP Price Performance
XRP is currently trading close to the $0.50 mark because traders are interested in buying it. The price is slightly down at $0.5021, just 0.5% lower. In the past 24 hours, it reached a low of $0.4989 and a high of $0.5104. The trading volume has increased by nearly 20%, showing more traders are getting involved.
An analyst named Ali Martinez thinks that the TD Sequential indicator suggests it’s a good time to buy XRP on the weekly chart. He predicts that XRP could go up for the next one to four weeks.
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