In the legal dispute between Ripple and the SEC, Ripple’s Chief Legal Officer, Stuart Alderoty, shared details on the upcoming court proceedings. Despite rumors of a settlement, Alderoty mentioned that Ripple will respond to the SEC’s penalty request by April 22, with the SEC having a deadline until May 6 to respond.

Upcoming Deadlines and Relevance

There seems to be little chance of a settlement in the SEC vs. Ripple case. Stuart Alderoty clarified the upcoming deadlines, stating that Ripple will submit its opposition brief to the SEC’s opening brief by April 22.

Alderoty rejected claims of a pre-trial and settlement, emphasizing that Ripple will respond to the SEC's penalty request by April 22, 2024. The penalties for breaching US securities laws might be affected by factors such as XRP sales before the complaint to US institutional investors, breaches after the complaint, and harm to investors. Ripple may refer to the Morrison vs. NAB case to argue the SEC's jurisdiction over US-based sales.

Alderoty highlighted May 6, 2024, as an essential date, indicating that the SEC must respond to Ripple's position on penalties by then. Despite progress towards resolving penalty issues, there is no guarantee of the lawsuit's overall resolution.

Penalty Scope

Although the SEC continues to push for penalties of approximately $2 billion, recent developments, including the dismissal of charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, have created uncertainties. The SEC's chances of securing the $2 billion penalty appear slim, especially after a setback in the Govil lawsuit ruling in late 2023.

XRP Price Outlook

XRP's market sentiment has been dwindling as the legal proceedings unfold, leading to a price decline to $0.4921. Concerns within the XRP community about the lack of upward movement are partly attributed to ongoing legal battles and Ripple's release of XRP from escrow. Despite challenges, the increase in active XRPL liquidity pools has brought hope and optimism among XRP supporters.