Will Ripple’s request for an extension work in XRP’s favor?

• The company argued that it needed eight more days to present the files.
• XRP reclaimed $0.50, but its next move might depend on the court’s resolution 

Ripple [XRP], the blockchain firm involved in a long-standing lawsuit with the U.S. SEC, has asked the court involved to give it some time to produce the documents.

According to a post by James Filan, Ripple submitted the request on the 6th of February.

In the filing, the company begged the court to extend the timeframe to submit its financial statement and XRP’s contracts-related documents from the 12th to the 20th of February.

#XRPCommunity #SECGov v. #Ripple #XRP @Ripple requests a one-week extension of the deadline for remedies-related discovery, from February 12, 2024 to February 20, 2024. pic.twitter.com/xjIZQuY7jQ

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 6, 2024

“Give us time,” Ripple pleads

Before now, Ripple has asked the court not to grant the SEC’s request for the documents. But AMBCrypto’s recent report showed that the court was not having it and aligned with the regulator’s view.

Writing to Honorable Judge Analisa Torres, Ripple noted that the volume of the documents was too large to provide within a short period.

The company wrote,

“Ripple requests this extension because absent a brief extension of the current deadline, Ripple would have just one week to produce responses to discovery requests that seek a large volume of documents, and cover the entire post-compliant period. A short extension of eight days will give Ripple sufficient time to collect and produce the documents.”

For some months, the lawsuit did not have any major proceedings. However, the start of 2024 has proven to be a heated period for the case, which has existed since 2020.

As expected, XRP has been affected by some decisions, filings, and judgments. But was it affected this time?

XRP is ready to make some moves

According to AMBCrypto’s analysis of Santiment, XRP’s volume slightly increased between the 6th and 7th of February. On the 6th, the volume was 757.21 million.

Fast-forward to the 7th, the metric had climbed to 891.34 million.

The surge in volume implied that interest in Ripple’s native token increased, and it seemed there was more buying than selling. This assertion was because of its price action, which regained $0.50.

Also, rising volume, alongside a price increase, could trigger another jump. Should this be the case, the value of XRP might rise to $0.52.

Source: Santiment

However, on-chain data showed that the total number of XRP holders has remained almost the same.

This stalemate suggests that market participants were probably waiting on the sidelines to see if the lawsuit would end in Ripple’s favor or not.

Realistic or not, here’s XRP’s market cap in BTC’s terms

If Ripple wins the case, XRP’s price might repeat its run to $0.96 which it had last year. In a highly bullish case, the token price might surpass $1.

On the other hand, a win for the SEC might see XRP’s price shrink, while a settlement could lead the cryptocurrency to trade sideways.