Ripple Faces Critical Deadline in SEC Lawsuit That Could Impact XRP's Market Value

According to CryptoPotato, Ripple is nearing a crucial deadline in its ongoing lawsuit with the United States Securities and Exchange Commission (SEC). The outcome of the case could significantly influence XRP's market value and the regulatory landscape of the cryptocurrency industry. Ripple must comply with the regulator's requirements and provide essential documents included in the remedies-related discovery. The company had until February 12 to submit the necessary data but requested an extension of the deadline with an additional eight days.
Remedy-related discovery assists attorneys in gathering evidence to support their client's case and prepares them for the court battle. The trial between Ripple and the SEC is scheduled for April 23. Ripple appears to have the upper hand after securing three vital, albeit partial, victories last year. However, the SEC also scored a point recently, with Judge Sarah Netburn ruling that Ripple should disclose important financial records for 2022 and 2023, as insisted by the regulator. The outcome of the lawsuit could have a significant impact on XRP's price and the entire cryptocurrency market. A decisive Ripple win might trigger enthusiasm and lead to a bull run, while the opposite scenario could hamper the industry's progress and lead to the implementation of stringent rules.
The lawsuit between the two parties dates back to December 2020, when the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. Over the years, the battle has passed through multiple stages, with both entities firing shots at each other. The resolution remains unclear, prompting some members of the crypto community to come up with flippant scenarios. A Twitter user shared an outlook of the next decade, jokingly claiming that the lawsuit would still be ongoing due to the SEC's constant desire to appeal the court's decisions.