SEC Vs. Ripple Lawsuit Scheduled for August 31st - Will XRP price be affected?

The next hearing in the US SEC and Ripple lawsuit will be held on August 31st. Will this date be a catalyst for the price of XRP?

August 27, 2021, | AtoZ MarketsThe Securities and Exchange Commission (SEC), Ripple Labs, and the individual defendants, have filed a joint motion requesting a deadline extension for fact discovery. The motion asks the court to permit the SEC to conduct depositions of Garlinghouse and Larsen after the close of the August 31, 2021 fact discovery deadline.

The requested change in the lawsuit agenda would extend the current expert discovery deadline from October 15, 2021, to November 12, 2021.

Both plaintiff and defendants are making such requests due to the unexpected illness of an attorney for one of the parties who was integral to the Larsen deposition, and the intervening vacation schedules of other attorneys.

The hearing, which will take place on August 31 will be via teleconference with the decision of US Magistrate Sarah Netburn.

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Where is the price of XRP heading in the meantime?

Will August 31 affect XRP price?

The XRP community and the cryptocurrency industry around the world are closely watching the SEC’s lawsuit against Ripple given not only the potential impact on XRP investors but also the legal precedent it could set for other cryptocurrencies.

Following the SEC’s enforcement action, many cryptocurrency exchanges in the US — including Coinbase and Kraken — suspended trading of XRP, and the price of XRP plummeted by more than 60%. But XRP prices have since recovered from that fall — the price of XRP is currently more than five times what it was in December after the SEC launched its lawsuit.

During last month's rally, XRP was up 142% as prices quickly jumped from $0.5 to $1.2, before developing a broad adjustment with the 14.5% decline seen between August 16-17. At the time of writing, however, XRP has lost 1.73% in the last 24 hours to $1.10.

Fact discovery is coming to a close and this has somehow attracted more investors to the market.

Read also: XRP Surges Above $1 after Ripple and GME Remittance Partnership

Looking ahead, the immediate resistance is at $1.25. Subsequently, $1.28 will come to play. In case of an extended rally, $1.36 and $1.40 will be the next levels to reach for.

However, in case of a downtrend, support is at $1.10, further at $1. If it fails to hold these, $0.92 and $0.85 will come into play.

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