The Securities and Exchange Commission [SEC] has been keeping a close eye on Ripple and then decided to slap the platform with a lawsuit. This case was initiated back in 2020 and has not reached a conclusion. The SEC has a major role in this as it is solely responsible for almost all the extensions and delays sought from the court. Now, changing things up a bit, Ripple asked for its very first extension.
James Filan shed light on the same and revealed that the platform yearned extension until 13 May 2022 to revert to the SEC’s letter brief. Since this was Ripple’s very first plea for an extension, the SEC did not impose any objections.
Recently, the Judge preceding the case announced the schedule for the case. As per the revised schedule, the case is expected to wrap up in November 2022. However, with the latest delay, the community flocked in and implied that the case might be carried on to 2023.
Ripple’s Brad Garlinghouse optimistic about the case
While the lawsuit did cause immense damage to XRP as well as Ripple, Garlinghouse affirmed that the case played out quite well. Appearing in an interview with Fox Business, Brad Garlinghouse, the CEO of Ripple said,
In the meantime, the GM of RippleNet, Asheesh Birla brought in good news for the community. Despite the ongoing case, Ripple managed to secure record numbers in just Q1 2022. RippleNet’s annualized payment volume run rate peaked at $15 billion. The ODL witnessed a growth of nearly 8x year-on-year.
Where does XRP stand?
Soon after the SEC hit Ripple with the lawsuit, an array of exchanges dropped support for XRP. While some welcomed the altcoin back, a few others continued to play it safe. Despite this, the altcoin managed to stay afloat. At press time XRP was trading for $0.622 with a dainty daily surge.
Additionally, the market cap of the altcoin was at a high of $29.98 billion. This further allowed XRP a spot in the coveted top 10.