XRP price falls 5% as Ripple and SEC prepare for potential future court proceedings

• XRP price is down almost 5% as Ripple vs. SEC document fails to give direct indication of the likelihood of a settlement.
• Based on the document, both parties are still engaging in the litigation process, preparing for potential future court proceedings.
• Meanwhile investors’ eyes are peeled on November 19, the “pivotal moment” as iso2022 goes in gear and banks embrace XRP.

Ripple (XRP) price is on a load-shedding exercise  after a steady climb that began around mid-October. The slump is unorthodox considering the broader market has been pumping of late, led by Bitcoin (BTC) and Ethereum (ETH). It is also unusual judging from how the XRP community tends to respond to ecosystem news, and points to a gloomy outlook among community members as they awaited a briefing from their longstanding case with the US Securities and Exchange Commission (SEC).

Also Read: Ripple hits new milestone in payments, likely catalyst for XRP price

Ripple and SEC may have a day in court after all

Ripple (XRP) and the US SEC have drafted a letter to Judge Analisa Torres, who continues to spearhead the case, proposing schedule regarding remedies discovery and briefing.

Based on the address, the parties “agree that permissible discoveries will include facts occurring in the period before the filing of the SEC’s complaint.” Accordingly, the financial regulator proposes 90 days from the entry of a scheduling order from the court to conduct remedies-related discovery.

This proposition comes as the SEC intends to bring certain evidences that post-dates the complaint because it considers these discoveries relevant to claims for injunctive and monetary remedies.  

Nevertheless, Ripple, the defendant, reserves the right to oppose the discoveries. However, if the court does allow it, then the defendant would have to petition the court for an extension of the discovery deadline.

Coming together, Ripple and the SEC agree that the payments companies that within a window of 45 days after the entry of the scheduling order, the payments firm could serve on the commission a more prominent version of the proposed report by Attorney Anthony M. Bracco, and within a period of 90 days of the scheduling order, the commission could depose Mr. Bracco. This means giving a sworn evidence. The proposals go on, alluding to the two parties preparing for a day(s) in court.

Ripple vs SEC proposal for schedule regarding remedies discovery and briefing.

It is worth mentioning, however, that settlements can occur at any stage, often resulting from ongoing discussions that may be happening alongside the formal litigation process. It is also possible that this preparation may be part of the strategic positioning to create leverage in settlement negotiations.