Will Ripple’s Extension Request Work in XRP’s Favor
Journalist
- The company said it would need eight additional days to complete the presentation.
- , has asked the court to give him time to produce documents.
According to James Filan’s post, Ripple filed the application on February 6th. [XRP]The company asked the court to extend the deadline for filing its financial reports and XRP contract-related documents from February 12th to February 20th.
“Give us time,” asks Ripple
Ripple had asked the court to reject the SEC’s request for documents. AskFX’s recent report found that the court disagreed with this and agreed with the regulator’s views.
Ripple wrote to the Honorable Judge Analisa Tores to inform her that the volume of documents was too large to provide in a short period of time.
The company wrote.
“Ripple requests this extension because if the current deadline is not extended, Ripple will only have one week to respond to investigative requests that require a large number of documents and cover the post-compliance period. Ripple will provide enough time to collect and submit documents, with a short extension of 8 days.
There were no major proceedings in the case for a few months. However, the beginning of 2024 was a hot time for this case, which has been going on since 2020.
As expected, XRP was affected by certain decisions, filings and rulings. Was it affected?
On February 6, the volume reached 757.21 million.
As of July 7, the number had reached 891.34 million.
This increase in volume suggested that interest in Ripple’s own tokens had increased, and there seemed to be more buying than selling. This was due to the price movement increasing by $0.50.
An increase in price and volume could also trigger a second increase. If this is the case, the value of XRP could rise to $0.52.
XRP volume and total number of holders
Source: Santiment
On-chain data showed that the number of XRP holders has remained almost the same.
Here is the XRP market cap in BTC.
If Ripple is successful, XRP could repeat last year’s rise to $0.96. In a bullish scenario, the price of the token could cross $1.
An agreement could cause XRP’s price to trade sideways, while an SEC victory could cause the cryptocurrency’s value to decline.
