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XRP Rallies as the Ripple v. SEC Case Might Be Pushed Back a Month

XRP Rallies as the Ripple v. SEC Case Might Be Pushed Back a Month
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The case between the US Securities and Exchange Commission (SEC) and blockchain company Ripple is expected to be postponed for a month. However, XRP has added more than 7% to its value in the past 24 hours.

The Ripple v case could be delayed. SEC Case

Eleanor Terrett, a journalist for Fox Business Channel, revealed that the case between the US Securities and Exchange Commission and Ripple will be delayed by a month. The delay is due to the rapid diffusion of the Omicron variant. A source close to the matter told Terrett that the application will be filed in court tomorrow, January 13.

The SEC case against Ripple has been ongoing since 2020, when the regulatory agency mandated Ripple to launch and issue unregistered securities as XRP tokens. The SEC also accused the company of illegally selling $1.3 billion worth of XRP tokens.

Ripple, CEO and co-founder of the company, Brad Garlinghouse, and Chris Larsen are the defendants in this case. In November, Garlinghouse said he believed the SEC would conclude this year as Ripple made good progress.

He said at the time, “We are seeing good progress despite the slow judicial process.”

Earlier this week, Ripple challenged the SEC’s fair notification defense. Ripple’s lawyers filed a motion to overturn the fair notice defense after the US Securities and Exchange Commission cited an out-of-circuit decision in the case against Fife.

Ripple’s lawyers have argued against the use of the term “investment contract,” adding that Fife’s case is not relevant to the SEC’s allegations against it.

XRP Rise Over 7% in 24 Hours

XRP has gone up over the past 24 hours and is currently up over 7% during that time. At the time of writing, XRP is trading at $0.795 per coin. Technical indicators are bearish at the moment but are improving thanks to XRP’s continued rally.

XRP is trading below the 50 day moving average. Source: FXEMPIRE

The MACD line is below the neutral zone but is slowly moving into the positive zone. The RSI of 46 shows that XRP is now out of the oversold territory. If the rally continues, XRP may break its 50-day moving average at $0.8620 soon.

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