- Judge Torres issued a Pretrial Scheduling Order on August 9, 2023. The order came nearly a month after XRP’s partial victory.
- XRP continued its bearish course of the past few days and showed no signs of rebounding.
July 13, 2023 was a day to note on the calendars. This was due to the protracted battle between the SEC and payment provider Ripple [XRP] yielded some results. On July 13, the court ruled in part in favor of Ripple, and XRP holders couldn’t contain their excitement.
The motion passed on July 13 also stated that the court would issue a separate order to set pre-trial and trial dates. According to a tweet from attorney James K. Filan, Judge Torres issued a preliminary injunction. The order stated that “the court will attempt to schedule a jury trial for the second calendar quarter of 2024.”
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has issued a preliminary scheduling order stating that “the court will attempt to schedule a jury trial for the second calendar quarter of 2024.” pic.twitter.com/1srjHFHB03
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 9, 2023
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An ordeal for the spectators
Judge Torres’ order stated that the SEC and Ripple are expected to file their blackout dates before the said process begins. In addition, both parties are expected to submit their respective motions by December 4 and oppositions by December 18 chalk.
Both parties are also expected to submit all required preliminary applications. These include proposed joint preliminary rulings, applications for indictment and forms for judgments. Finally, the order stated that the court will schedule a final pretrial conference date once the trial date is certain.
At the time of writing, Ripple CEO Brad Garlinghouse had not yet commented on the latest development. However, data from CoinMarketCap indicated that XRP was not in the best of moods as it traded 5.20% lower in the past seven days.
What is XRP’s stance?
Although XRP was trading 1.29% higher than its opening price on August 9, the indicators were not exactly aligned. At the time of writing, the Moving Average Convergence Divergence (MACD) indicated that the bearish crossover was in full swing. Furthermore, the MACD indicator was all set to take a trip to the other side of the neutral line.
How much are 1,10,100 XRPs worth today?
Moreover, the Money Flow Index (MFI) and the Relative Strength Index (RSI) also showed no signs of recovery. The MFI was low at 28.52 with a sideways move, while the RSI at 48.08 was below the neutral line showing no strong signs of accumulation or decumulation.
Source: TrainingView
However, given the news surrounding the trial’s schedule, XRP could be gaining some of its lost momentum. Will XRP change its path and witness a change of momentum? Time will tell. But given the price action of the past few days, caution is advised.