The Securities and Exchange Commission [SEC] of the US slapped Ripple with a lawsuit back in 2020. The SEC alleged that Ripple had carried out the sale of unregistered securities for years. The fact that XRP was labeled a security did not sit well with its investors. With several twists and turns, the case had prolonged. The only thing constant about the case is the delays. The SEC initiated multiple delays over the last couple of months forcing the case to persist. Of late, Ripple had also begun initiating delays. The delays instigated by both parties had visibly irked the XRP community.
Defense lawyer, James Filan has been consistently updating the community about the course of Ripple’s case. Filan took to Twitter and reminded the community about the upcoming developments in the case.
The Judge preceding the SEC v. Ripple case intends to conclude the case by November this year. However, the consistent delays are likely to prolong the case.
XRP community is not so pleased as the altcoin tanks to $0.56
Soon after the lawsuit was announced, an array of crypto exchanges stepped up and bid adieu to XRP. This caused immense loss to the investors of the asset. While almost the entire market was bagging gains, XRP holders were sitting still. This, however, did not last too long as several exchanges relisted the asset showing support to Ripple during the case.
But now, the time frame of the case was causing distress among the XRP community. Replying to the aforementioned tweet by Filan, several poured in their woes in the comment section.
Additionally, several even speculated that the SEC wouldn’t be handing over its reply on the scheduled date [18 May]. The SEC is likely to seek another delay, the community argued.
A carnage was upon the crypto market. With almost every cryptocurrency dipping its toes in the red sea, XRP endured a downfall too. The altcoin dropped down to $0.55 with a 2.93 percent drop over the last 24-hours. This further instilled more fear and anger in the community.