As the lawsuit is again at risk of extending deadlines potentially for summary judgment, Mr. Hogan was clear that the SEC v Ripple has an end in sight.
The SEC has requested the court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline from November 12, 2021, to January 14, 2022.
The agency says the parties need sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.
The plaintiff added that Ripple consents to an extension of the rebuttal report deadline until November 12, but opposes the January 14 deposition deadline.
Ripple’s General Counsel Stuart Alderoty commented on the SEC request as something quite unusual. “Every litigator will tell you it’s always the defendant – never the plaintiff – asking to delay proceedings. Why would any plaintiff, let alone one with unlimited resources, play the delay card?”
JUDGE TORRES SAID “COURT IS NOT INCLINED TO PERMIT FURTHER DELAY”
According to the SEC, Ripple intends to file its opposition to this letter motion on October 18, 2021. The SEC offered a compromise that expert discovery be completed by December 22, but Ripple also rejected that offer.
It seems that the blockchain firm believes that such an extension would disrupt the briefing schedule for summary judgment motion(s), which would likely affect the end of the lawsuit.
The XRP community has quickly responded to the SEC’s request and Twitter user @XRPMoonOrBust pointed to Judge Analisa Torres’ order denying the XRP Holders’ motion to intervene (while granting the Amicus Curiae status).
The ruling was on the grounds that “discovery in this action has already been extended… and the Court is not inclined to permit further delay by granting intervention and prolonging discovery…”
HOGAN EXPECTS ONE MORE MONTH AND LAWSUIT TO END IN SUMMER AT THE LATEST
Jeremy Hogan, an XRP-friendly lawyer, has commented on the request as well: “What’s clear from this motion to extend discovery out 2 more months is that the SEC filed this $1.4 Billion dollar lawsuit without setting aside the resources to prosecute it. If the judge grants it, the main parts of the case won’t be decided until March-May of ’22!”
“My instinct, without having read Ripple’s reply, is that the judge splits the baby and provides an additional month to expert discovery. Judges never want an appellate court to hear lack of “due process” arguments on a case”, he continued.
As the lawsuit is again at risk of extending deadlines potentially for summary judgment, Mr. Hogan was clear that the SEC v. Ripple is likely to end in the first half of 2022, summer at the latest.
“The case will be over by summer at the latest. An appeal could take 9-12 months to be decided but while the appeal is going on, the trial judge’s ruling is “the law”.”
GRANTING MOTIONS TO COMPEL REQUIRE ADDITIONAL TIME
The SEC wants the extension because expert discovery has commenced with an incomplete factual record, and the case is even less ready for summary judgment motions.
“First, on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete.
“Second, the parties have four discovery motions currently pending before Magistrate Judge Netburn: (i) Defendants’ motion to pierce the SEC’s deliberative process privilege and other privileges as to many of the SEC’s internal communications and communications with other law enforcement agencies (which will not be fully
briefed until October 22, 2021); (ii) the SEC’s motion for a protective order relieving it from answering over 29,000 requests for admission that Defendants served on the SEC in the last six hours of fact discovery; (iii) Ripple’s and Larsen’s motion to compel further responses to certain interrogatories; and (iv) the SEC’s motion to compel Ripple to conduct a reasonable search for and produce certain video recordings of internal staff meetings involving Individual Defendants and key executives.
The plaintiff added that if Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue.
XRP price on edge of cliff as Ripple faces imminent collapse
- XRP price falls below key Ichimoku levels on the weekly chart.
- Key oscillator divergence may hint at near-term support.
- The threat of a 34% drop, however, remains likely.
XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.
XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions
XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.
The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.
Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.
XRP/USDT Weekly Ichimoku Chart
There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.
Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.
Ripple (XRP) Marketing Narratives No Drama Bells and Whistles
Ripple XRP Marketing Narratives are not Impressing Long-Term Holders in terms of profits.
Worry Wort Investors who have been holding XRP are like: It’s $0.9 from $1.96. what is the point of all the success story posts, partnerships, and projects. XRP price is not going higher. Are you using distraction tactic? Investors have been waiting for several years for the price to go up.
There is no doubt that Ripple is a great project and they are successful in what they do in terms of cross-border payments. Did they ever over promise that the price of XRP will go very high? Or, Are the community assuming that the company implied the price of XRP will sky rocket?
Ripple Technology is great. It is not a scam like many other projects out here. It is doing a lot of good in terms of real-time use.
It just looks like not all cryptocurrencies or tokens are about profit making. Some tokens are about facilitating use cases that are applicable real time. Perhaps XRP is one such token with no drama, bells and whistles.
The kind of services delivered by Ripple requires some stability with the token they use as a mode of exchange. So, investors anticipating high profits need to rethink and know that high profits mean high risk and high volatility. This might not be true about XRP in terms of the kind of services it facilitates for Ripple. May be the expectations of investors is not as realistic.
Some Interesting Stories about Ripple: Making an Impact with the Asian at Ripple Community: In an effort to help Ripple employees bring their most genuine selves to the job, Dushyant Acharya took on a global co-lead role for our Asian ERG. Know more by reading the exhaustive story.
Careers and Jobs at Ripple: This holiday weekend, while everyone else sleeps off their food coma watching the ‘big game’ why not browse open positions at Ripple? From engineering to finance to marketing, we’ve got a winning line up of roles.
Ripple’s Top Lawyer Says the SEC has declared war on Crypto: The key to developing an effective policy framework for crypto? Clear communication and collaboration between private and public actors. There is a breakdown of the protocol details published.
Citi CEO Fraser: ‘We’re Building the Infrastructure for Retail, Real-time Payments’: Real-time payments are gaining momentum and digital currency is positioned to play a significant role in its future.
Creator Fund: In collaboration with our agency partners, Mintable, MintNFT & VSA Partners, we’re helping creators and brand clients create and sell their NFTs. Explore to know more about the Ripple Creator Fund.
40 Million XRP Moved to Binance Exchange and Sold Immediately
Anonymous wallet moves a large number of coins to exchange while the cryptocurrency market recovers
While others decide to keep their coins in cold or hot wallets instead of exchanges, this XRP whale has moved a large volume of funds to a centralized exchange and, most likely, sold immediately.
According to transactional activity on the chain, an anonymous wallet ending in “kskkhi” has moved 40 million coins to a wallet owned by Binance centralized exchange.
Currently, the unknown wallet holds almost 13 million coins. The wallet received 40 million coins just a day before a large transaction from another unknown wallet that holds significantly more XRP.
The exchange between undisclosed whales is purely anonymous and has not been known to the public. The second wallet, which initially transacted 40 million coins to the wallet that sold it on Binance, is currently holding 156 million XRP coins.
The larger wallet might somehow be connected to another centralized exchange since it has been constantly receiving a large number of funds from it, including those 40 million coins.
The realization of coins on the Binance exchange could have led to the rapid retrace of XRP that has been moving with a 2.5% profit today. The current daily XRP volume on Binance is at 156 million coins. The transacted amount represents approximately 25% of the current daily trading volume on the exchange.
At press time, XRP is trading at $0.97 with 0.17% of daily growth that has peaked at 2.5%. Previously, Ripple faced a strong recovery by dropping below the $0.90 zone and then spiking back up to $0.96 in one day.