XRP Lawsuit Battle Heats Up: Ripple And SEC Agree To Seal Details In Settlement Negotiations

A new development has emerged in the courtroom showdown between Ripple and the U.S. Securities and Exchange Commission (SEC). The two parties filed a joint proposal to seal sensitive material related to the forthcoming remedies-related briefing in the suit.

Upcoming Briefings Will Be Kept Under Wraps

According to the latest court filing, Ripple and the SEC have submitted a joint sealing proposal to U.S. District Judge Analisa Torres to address confidentiality concerns.

American defense lawyer James K. Filan conveyed some details of the filing on the X (formerly known as Twitter) platform, noting that if granted by Judge Torres, the sealing request would ensure critical information in remedies-related briefings, such as Ripple’s financial records and post-complaint XRP institutional sales contracts, won’t be available to the XRP Army and the wider crypto community. 

The impact of keeping these key outcomes under wraps on investor sentiment is yet to be known. Furthermore, it remains unclear when the long-drawn-out case between Ripple and the top Wall Street watchdog — which was lodged in December 2020 — will end, despite the case now proceeding into the remedies phase.

Remedies Timeline

Some important dates are approaching in the XRP legal brawl. The SEC is expected to file its opening remedies-related brief, along with supporting declarations, and exhibits under seal on March 22. Then on March 25, Ripple and the SEC will meet to determine the redactions to be applied to the agency’s opening brief. 

Thereafter, on March 26, the SEC will release a public, redacted version of the brief. Ripple will have until April 22 to deliver its opposition brief, which will be followed by the filing of a redacted version of the brief. 

The SEC will then submit its reply brief on May 6, with redacted versions to be subsequently filed. The timeline stretches until May 20, when the SEC, Ripple, and third parties will be required to file letter motions and opposition connected to sealing details in the filings. 

Ripple scored a major win in July 2023 when Judge Torres stopped short of categorizing XRP as an outright security. However, the case will likely drag on for several more months. The judge’s final verdict could arrive this year or in 2025.

XRP Price Outlook

XRP has recently experienced a tumultuous ride as the broader crypto market retreated. The price of the seventh-largest crypto by market cap remains painfully below the psychologically important $0.60 region, indicating that bulls are losing their grip.

While Bitcoin already notched a new historic high last week, XRP has been lagging, still an astonishing 82.7% lower than its January 2018 all-time high. A closer look at XRP’s charts reveals that the $0.65 mark has proven insurmountable. Suffice it to say that a successful break and close above $0.65 will signal the start of a new robust uptrend toward $1.