Ripple vs. SEC: Commission Proposes Extension to File Objection to Deaton’s Amici Request

Updated:

A verdict on the ongoing Ripple vs. SEC might be delayed even further after the Securities and Exchange Commission requested an extension to file an objection to an ‘Amici’ request filed by Ripply community attorney John Deaton.

Deaton currently seeks to represent 67,300 XRP holders in the unraveling legal battle between Ripple Labs and the regulatory watchdog.

Based on reports of the motion, the SEC has asked the court to extend the deadline till June 7, 2022. The Commission noted that this extension would allow it to properly file an objection to attorney Deaton’s request. That said, the SEC noted that its objection motion should be ready by May 30, 2022. However, because of the upcoming Memorial Day holiday, its objection motion will be due for filing by June 7.

An excerpt from the motion read:

“Defendants have informed the SEC that they have no objection to this extension request, as long as the SEC agrees that any response by Defendants will be due by Friday, June 10, 2022. The SEC has no objection to this proposed deadline.”

Notably, the Amici attorney is not against the Commission’s extension request. The latest development was shared by James Filan via his Twitter page yesterday.

Regardless, the major focus currently is the recent motion by Deaton, who is seeking to represent 67,300 XRP holders in the Ripple-SEC lawsuit.

Key Ripple Levels to Watch — May 25

XRP continues to trade within a tight range between $0.4550 and $0.3900 since its rebound from the Terra crisis-induced crash. This suppressed momentum will likely only worsen over the coming weeks due to dynamics playing out in the global financial market space.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

In the meantime, XRP needs to hold the $0.4000 psychological support to prevent a bearish resumption of $0.3000. With Bitcoin’s options set to expire on a bearish footing, XRP might not hold this support for long.

Meanwhile, my resistance levels are $0.4600, $0.5000, and $0.5200, and my support levels are $0.3900, $0.3500, and $0.3000.

Total Market Capitalization: $1.25 trillion

Ripple Market Capitalization: $19.2 billion

Ripple Dominance: 1.53%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.