It seems that Ripple and the Securities and Exchange Commission (SEC) will only be available for further negotiations in the second quarter of 2024, and thus only after the Bitcoin (BTC) halving. So what could this mean for the XRP price action?
While the judge has granted a partial victory to the Ripple Labs, the legal battle is far from over. This is still a long way off, and a resolution seem likely only from the second quarter of 2024.
Ripple and SEC Consult Diaries
A new trial date is emerging in the ongoing legal battle between Ripple and the SEC. Since both parties’ available dates do not overlap earlier, the most likely trial date is between April 22 and 26 – just after the Bitcoin halving.
As Ripple wrote in a letter dated Aug. 23 to the responsible judge, Analisa Torres, the company will not be available until the second quarter of 2024. In addition, CEO Brad Garlinghouse and chairman of the Ripple board Chris Larsen will not be available from April 1 to April 14.
The SEC, on the other hand, gave specific dates it was unavailable: April 15-19, May 1-7, and May 27-31, 2024.
It can be clearly seen from these dates, the week of April 22-26 seems almost inevitable. Otherwise, the hearing may be postponed until June 2024.
The XRP community seems to remain unwavering in its bullish stance. The majority believe that the SEC’s appeal motion against Ripple will fail. However, the appeal is already impacting the price of the XRP token.
Furthermore, Judge Torres is expected to rule in favor of Ripple regarding XRP ODL (a kind of bridge between two fiat currencies to process global transfers faster). After all, most don’t see the asset as a security.
XRP Course, Bitcoin Halving, and Negotiation Date
Now, the question inevitably arises as to how the XRP price could react to the sequence of these dates. On the one hand, if Ripple wins again, the combination of two extremely bullish messages could result in a price explosion.
On the other hand, the Bitcoin halving has traditionally been followed by a “sell-off” before the infamous bull market really picks up steam. The saying “buy the rumor, sell the news” would also fit in with this.
So, could the asset take a surprise plunge before settling into the expected market rally? If the SEC unexpectedly wins the case this time, the price will most likely crash – halved or not.
As of writing, XRP is trading at $0.5225, up by 0.32% in the past 24 hours.
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