XRP Lawsuit Trial Delayed to Q2 2023
XRP Lawsuit defendants Ripple Labs, Brad Garlinghouse, and Chris Larsen, as well as the plaintiff U.S. Securities and Exchange Commission (SEC), have indicated that they are not available for trial in the second quarter of 2023. The trial is likely to happen after the Bitcoin halving.
Main Breakdowns:
- Ripple Labs is available for trial throughout Q2 2023.
- The SEC has blackout dates for trial, excluding April 15-19, May 1-7, and May 27-31.
- Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen are unavailable for trial from April 1 to April 14, 2024.
- The trial is expected to take place between April 22-26 or at the end of April.
- The XRP community believes the SEC’s interlocutory appeal motion will fail and Judge Torres will rule in favor of Ripple.
XRP Price Rebounds
Despite the ongoing lawsuit, XRP price has rebounded due to bullish sentiments from the XRP Army and lawyers expecting a favorable ruling from Judge Torres. The price has increased by 3% in the last 24 hours, currently trading at $0.53. However, the trading volume has decreased by 17%.
XRP price is currently below the 50-MA and 100-MA and needs to break above $0.56 to gain upside momentum.
Hot Take:
The delayed XRP lawsuit trial and the XRP community’s confidence in a positive outcome from Judge Torres have contributed to the recent rebound in XRP price. However, with the trial still a year away, it remains to be seen how the market will react in the long term.
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