XRP and the Securities and Exchange Commission have agreed to postpone the proceedings until the end of the year. It was a mutual decision, unlike before when only the SEC requested for extension, even though it was the one who filed the lawsuit in the first place.
You might be wondering why that is the case. It is the same question for all the people who have been watching the progress of this case since day 1. Before we get into the extension details, you might want to know how it all started in the first place.
Between the years 2013 and 2020, Ripple has raised a capital of $1.3 billion through selling XRP tokens. Since then, Ripple has already been trading on more than 200 exchanges. By December 2020, the SEC filed a complaint against Ripple, saying that it illegally raised the said amount since Garlinghouse and Larsen did not register XRP security. Still, it was offered to different investors around the globe. Still, between the years 2013 and 2020, there were no prior indications that Ripple had been on the watchlist of the SEC for any offense.
The battle continues and is likely to continue until probably next year. Both parties have agreed to the extension as a motion for reconsideration. According to Attorney James Filan, this might be a smart move coming from Ripple to lock on a deadline, avoiding further delays from the complainant’s side. He added that this case is “strangely” going backward. However, he also theorized that Ripple has a greater winning chance through this extension, as it would have lost the case if it had pushed through sooner.
This case has been throwing Ripple in and out of the safe zones. Right now, it is now challenged with a $0.70 support.