Important Deadline in Ripple Lawsuit and Ripple Swell

Following its massive spike of over 21% in the past week, here are two significant events that could further propel the asset’s price.

With a massive spike of 21.5% over the past seven days, XRP is currently ranked as the best-performing coin among the top 10 largest crypto assets by market cap.

Two Upcoming XRP-Related Events 

While these developments could have propelled the XRP price, we have highlighted two crucial events happening this week that could cause the coin price to spike further. 

Ripple Swell 2023

Ripple Swell is the company’s flagship event that gathers prominent figures in the financial industry for captivating discussions relating to finance. Notably, the event is scheduled to be held in Dubai on November 8 – 9, 2023.

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With the grand opening of the event slated for tomorrow, there is growing speculation on the possibility of Ripple announcing an Initial Public Offering (IPO) or a strategic announcement that could further bolster the XRP price.

Prominent Wall Street analyst Linda Jones is among the top figures pushing this narrative. According to Jones, XRP could surge above the $1 threshold during the event. However, she called for caution, speculating that the asset’s price could first retrace to $0.55.

Expiration of Important Deadline in SEC v. Ripple Lawsuit

Another significant XRP event is in relation to the ongoing SEC v. Ripple lawsuit. It bears mentioning that the court ordered Ripple and SEC to jointly propose a briefing schedule for the upcoming remedies phase no later than November 9, 2023.

As per the court order, if the parties fail to submit a briefing schedule, they shall jointly ask the court to schedule the briefing.

It is worth noting that the remedies stage is an integral part of the SEC v. Ripple lawsuit. The proceeding will help the court determine the appropriate remedies Ripple may face for violating federal securities laws via its past institutional sales of XRP.

While the SEC seeks a whopping $770M as penalties, there is a high tendency that the blockchain company could drastically reduce the figure during the briefing.

Legal analysts speculated that Ripple might achieve this feat by excluding its legitimate business expenses and other XRP sales conducted outside the U.S. SEC jurisdiction.

XRP Briefly Flips BNB

XRP surged over 10% yesterday to 73 cents, with its market cap hitting an astounding $39.15 billion. Following the massive spike, XRP briefly flipped Binance Coin (BNB) to become the fourth-largest crypto by valuation. However, XRP was back in fifth position at the time of writing as it changed hands at $0.689.

Although there are no immediate catalysts for yesterday’s gains, investors could have reacted to last week’s announcements regarding the coin. As reported earlier, Ripple received approvals from Dubai and Georgia authorities to offer its services in these regions.

Interestingly, the development also saw the Dubai Financial Services Authority (DFSA) approve XRP under its virtual assets licensing regime. As a result, licensed firms within the Dubai International Financial Center (DIFC) can now offer XRP-related services.