There’s been a lot going on with the high-profile Ripple lawsuit that has plagued investors in Ripple (CCC:XRP-USD) and the XRP crypto since late last year. In December, the Securities and Exchange Commission (SEC) announced it was pursuing a lawsuit against Ripple, alleging $1.3 billion raised by XRP in unregistered securities offerings was illegal.
Since then, Ripple has reiterated it did nothing wrong and sought its day in court, sooner than later. Indeed, this lawsuit has brought about a number of negative consequences. Among these, XRP has been delisted from Coinbase (NASDAQ:COIN) and other exchanges, pending the results of this ongoing lawsuit. Accordingly, Ripple has pushed for a quicker resolution to this case, which the SEC has been delaying of late.
An intriguing timeline of the ongoing dates investors need to be aware of can be found in a recent Decrypt.co article. Among the two dates investors will need to keep on their calendars are Aug. 31 and Oct. 15.
Here’s why.
Upcoming Dates Provide Potential Catalysts for XRP Crypto
The XRP crypto community is noting the Aug. 31 and Oct. 15 dates as key potential turning points for XRP.
Aug. 31 happens to be the date that the SEC and Ripple need to submit their initial arguments and collect evidence. This process, known as fact discovery, takes time. Accordingly, the SEC asked for an extension from the previous June 14 deadline to accumulate more evidence. Ripple has hit back against this request, noting that the litigation provides an “existential threat to its business.”
Nonetheless, on Aug. 31, it’s expected we’ll get more insight into what evidence both sides have. This will likely provide a catalyst (either to the upside or downside) for XRP. Accordingly, investors can expect volatility around this date.
The next high-volatility date that’s expected is Oct. 15, the deadline for expert discovery. This date amounts to the deadline for expert testimony and what evidence related to these expert witnesses will bring. Further visibility into each side’s position will be gathered. Accordingly, investors should have a better picture of how this lawsuit is progressing.
How Ripple fares as a result of this lawsuit remains to be seen. However, it’s clear that crypto investors will be watching this outcome closely. Indeed, this could be a precedent-setting case for the crypto community. Accordingly, all eyes are on these upcoming dates.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
