The verdict of the SEC vs. Ripple lawsuit has been one of the most awaited in the crypto community. In a new development, both parties have submitted a joint motion for a time extension until Jan 13 to file the Daubert motions. The time extension also applies to “accompanying exhibits on the public docket with redactions consistent with the Court’s December 19, 2022, sealing ruling.” XRP users are watching the lawsuit closely as rumors fill the atmosphere.
The court’s December 19, 2022, sealing ruling gives Ripple a small victory. The court approved the firm’s request to redact the information from the documents produced in conjunction with the Daubert motions. This strives to safeguard the interest of Ripple’s business and the privacy interest of third parties.
The extension request was made because of the forthcoming holidays and the availability of the attorneys. In addition, the parties also cited the volume of redactions requested by third parties and the parties’ approaching sealing briefing schedule as reasons for an extension.
Recently, there were rumors that the lawsuit could conclude by December 2022. However, that does not seem to be the case.
Whales accumulate XRP
While the SEC vs. Ripple lawsuit moves towards a new date, XRP whales are on a buying spree. According to Santiment, XRP whale and shark addresses are holding 1 million – 10 million tokens as of Dec 21, which climbed to 1,617 in December 2022. Notably, the holding has increased the addresses’ percentage of the total XRP tokens owned to an all-time high of 7.23%.
The low prices might have prompted the whales to buy more XRP. However, if the whales keep accumulating XRP to make long-term investments, the behavior could lead to a supply squeeze, leading to a spike in price.
At press time, XRP was trading at $0.342991, down by 0.5% in the last 24 hours.