Ripple vs SEC: Both Parties Move to Extend the Discovery Deadline as Settlement Lingered

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Ripple vs SEC: Both Parties Move to Extend the Discovery Deadline as Settlement Lingered
Ripple vs SEC: Both Parties Move to Extend the Discovery Deadline as Settlement Lingered

Ripple and the US Securities and Exchange Commission have filed a joint motion to require federal judge Analisa Torres to extend the current deadline for discovery to November 12th.

The extension is intended to remove CEO Brad Garlinghouse and co-founder Chris Larsen, the two managing directors of the company, they have been well received on this cryptocurrency case.

District Judge Sarah Netburn approved the SEC’s motion to extend the pre-trial investigation period by two months to October 15, as reported by Fxcryptonews. However, it now appears that experts have determined that it will be delayed for almost a month.

No Hope of Settlement 

Connecticut defense lawyer James K. Filan, who has been closely following the Ripple case, believes the recent motion shows the settlement is not on the table:

In my experience, anyone who thinks the case will be resolved soon should reconsider it.

Judge Torres is still to rule on the Ripple executives’ motion to dismiss the case and the XRP owner’s motion for intervention.

There are ongoing investigative disputes as well, and the court recently arranged a new conference call.

Ripple’s XRP Price Movement 

Ripple’s XRP was down 8.63% on Tuesday. Ripple’s XRP reversed Monday’s 1.47% gain and closed at $1,13691.

The start of the day was mixed as Ripple’s XRP rose to an intraday high of $1.2650 and then rebounded.

XRPUSD Chart. Source: TradingView

Ripple’s XRP fell from the first major resistance level of $1.2999 and fell to an afternoon low of $1.12152.

Ripple’s XRP fell below the first major support level of $1.1963 and the second major support level of $1.1463, closing at $1.13.

At the time of writing, Ripple’s XRP was up 1.22% to $1.15077. The start of the day was mixed, with Ripple’s XRP falling to an early low of $1.13489 and then rising to a high of $1.15656.

Ripple’s XRP didn’t test large levels of support and resistance in the early days.