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

The case between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple is expected to be pushed back for a month. However, XRP has added more than 7% to its value in the last 24 hours.

Ripple v. SEC Case Could be Delayed

Fox Business journalist Eleanor Terrett has revealed that the case between the US SEC and Ripple will be pushed back a month. The delay is due to the rapid spread of the Omicron variant. A source close to the matter told Terrett that the motion would be filed in court tomorrow, January 13.

The SEC vs. Ripple case has been going on since 2020 when the regulatory agency charged Ripple with launching and issuing unregistered securities as XRP tokens. The SEC also accused the company of illegally selling $1.3 billion worth of XRP tokens.

Ripple, the CEO and co-founder of the company, Brad Garlinghouse, and Chris Larsen are the defendants in this case. In November, Garlinghouse said he believes the SEC will be concluded this year as Ripple is making good progress.

At the time, he said, “We’re seeing pretty good progress despite a slow-moving judicial process.”

Earlier this week, Ripple opposed the SEC’s fair notice defense. Ripple’s lawyers filed a motion to strike the fair notice defense after the US SEC cited the out-of-circuit decision in the case against Fife.

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

XRP Rallies by More Than 7% in 24 Hours

XRP has been rallying over the past 24 hours and is currently up by more than 7% during that period. At press time, XRP is trading at $0.795 per coin. The technical indicators are bearish at the moment but are improving, thanks to XRP’s ongoing rally.

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

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