XRP in the Green Ahead of Ripple's First Pretrial Conference with SEC

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Mon, 02/22/2021 - 14:18
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Alex Dovbnya
XRP remains the only cryptocurrency in the green on cusp of Ripple's first pretrial conference with the SEC
XRP in the Green Ahead of Ripple's First Pretrial Conference with SEC
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Ripple-affiliated XRP remains the only cryptocurrency in the green amid a major market sell-off. It is up over five percent at press time.

Earlier today, the token rallied over 23 percent in only one hour to an intraday high of $0.65, but it has since erased most of its gains.

Yet, unlike many major altcoins with double-digit losses, XRP has managed to stay above the flatline.

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Ripple's first pretrial conference

The most obvious near-term catalyst is the first pretrial conference between Ripple and the U.S. Securities and Exchange Commission that is going to take place virtually at 10.00 a.m EST (5 p.m. UTC).

Such conferences are meant for both parties to outline the main issues of the case. Judges can also encourage them to settle their disputes out of court.

As reported by U.Today, Ripple and the SEC submitted a joint letter in which they stated that there were no prospects for settlement at that moment last week.

The discovery phase of litigation is expected to end no earlier than Aug. 16, according to the aforementioned letter.

The securities regulator sued the blockchain company on Dec. 22, triggering a more than 70 percent XRP crash within the same month.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.