XRP News Today: SEC Given Three Days to Counter Ripple’s Motion to Strike

The Thursday Overview

On Thursday, April 25, XRP declined by 0.28%. Following a 3.21% loss on Wednesday (April 24), XRP ended the session at $0.5257.

SEC vs. Ripple: Court Issues Scheduling Order Regarding the Motion To Strike

On Thursday (April 25), defense attorney James Filan shared the latest updates from the ongoing SEC vs. Ripple case, saying,

“Magistrate Judge Netburn has entered a scheduling order regarding Ripple’s Motion to Strike new expert materials the SEC submitted in support of its Motion for Remedies and Entry of Final Judgment.”

According to the scheduling order, Judge Sarah Netburn granted the SEC until April 29 to file a response to the Ripple Motion to Strike. Judge Netburn granted Ripple three business days (after the SEC opposition brief) to file a reply brief.

The court briefing schedule does not relate to the timing of the SEC response to the Ripple opposition brief. The briefing schedule relates directly to the Ripple Motion to Strike.

Ripple filed the Motion to Strike on April 22, requesting the court to strike new expert materials supporting the SEC opening brief. Ripple argued that the SEC included testimony from Andrea Fox without disclosure of her identity and testimony during discovery.

Andrea Fox is an accountant in the SEC enforcement division. Fox examined Ripple’s financial statements and other materials to support the SEC’s case for a $2 billion penalty.

Significantly, the SEC also attempted to identify Andrea Fox as a summary witness to Ripple. Summary witnesses cannot offer new information and may only summarize existing material from discovery.

Ripple and the SEC had agreed to five business days for the SEC to file an opposition brief to the Motion to Strike. The filings come close to the May 6 deadline for the SEC to file its reply brief.

XRP Price Action

Daily Chart

XRP remained below the 50-day and 200-day EMAs, confirming the bearish price trends.

An XRP breakout from the bottom and top trend lines would give the bulls a run at the 50-day EMA. A break above the 50-day would support a move to the 200-day EMAs and the $0.5739 resistance level. Selling pressure may increase at the $0.5739 resistance level. The 200-day EMA is confluent with the resistance level.

SEC vs. Ripple case-related updates and US economic indicators need investor consideration.

Conversely, failure to break above the bottom trend line would give the bears a run at the $0.50 handle.

The 14-day RSI reading, 42.14, suggests an XRP drop below the $0.50 handle before entering oversold territory.

4-Hourly Chart

On the 4-hourly, XRP sat below the 50-day and 200-day EMAs, affirming the bearish price signals.

A break above the bottom trend line would support a move to the top trend line and the $0.5361 resistance level. Selling pressure could intensify at the top trend line. The 50-day EMA is confluent with the top trend line. A breakout from the 50-day EMA would give the bulls a run at the $0.5361 resistance level.

However, a failure to break above the bottom trend line would leave the $0.50 handle in play.

The 4-hourly RSI, with a reading of 43.14, indicates an XRP drop to the $0.50 handle before entering oversold territory.