SEC vs Ripple: Judge Torres issues Pretrial Scheduling Order. Details inside…
- Judge Torres issued a Pretrial Scheduling Order on 9 August 2023. The order came almost a month after XRP’s partial victory.
- XRP continued on its bearish track of the last few days and showed no signs of revival.
The 13th of July 2023 was a day to be marked in the calendars. This was because the long-standing battle between the SEC and payments provider Ripple [XRP] yielded some results. On 13 July, the court ruled partially in favor of Ripple, and XRP holders couldn’t contain their excitement.
The motion passed on 13 July also stated that the Court would issue a separate order to set the pre-trial and trial dates. As per a tweet from attorney James K. Filan, Judge Torres issued a pre-trial scheduling order. The order stated that “the Court will seek to schedule a jury trial for the second calendar quarter of 2024.”
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has issued a Pretrial Scheduling Order, saying that “the Court will seek to schedule a jury trial for the second calendar quarter of 2024.“ pic.twitter.com/1srjHFHB03
— James K. Filan ???? (@FilanLaw) August 9, 2023
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A trial for the spectators
Judge Torres’ order stated that the SEC and Ripple are expected to submit their blackout dates for the said trial to go into motion. Furthermore, both parties are expected to submit their respective motions by 4 December and oppositions by 18 December in limine.
Both parties are also expected to submit all required pretrial filings. These include proposed joint pretrial orders, requests to charge, and verdict forms. Finally, the order stated that the Court will schedule a final pretrial conference date once the date for trial is certain.
At the time of writing, Ripple’s CEO Brad Garlinghouse hadn’t commented on the latest development. However, data from CoinMarketCap indicated that XRP wasn’t in the best of spirits as it traded 5.20% lower in the last seven days.
What is XRP’s stance?
Although XRP was trading 1.29% higher than its opening price on 9 August, indicators weren’t exactly in tandem. At press time, the Moving Average Convergence Divergence (MACD) indicated that the bearish crossover was in full swing. Furthermore, the MACD indicator was all set to make a journey to the other side of the neutral line.
How much are 1,10,100 XRPs worth today?
Additionally, the Money Flow Index (MFI) and Relative Strength Index (RSI) too didn’t exactly show any signs of revival. The MFI laid low at 28.52 with a sideways movement whereas the RSI stood below the neutral line at 48.08 and no strong signs of accumulation or decumalation.
However, considering the news around the scheduling of the trial, XRP may gain some of its lost momentum. Will XRP alter its path and witness a change of momentum? Only time will tell. But considering its price action of the last few days, caution is the word of the day.