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Yet again the US SEC has come out victorious in its desperate attempts to extend expert discovery against the XRP lawsuit. The governmental agency is just pushing the case with no exact evidence in its bag. However, the judge seems to have given the agency whatever it wants to prove XRP is a security.
Concerning SEC’s request to extend expert discovery for early 2022. John E. Deaton, founder of Cryptolaws.us recently filed a case urging US District Judge Analisa Torres to contemplate the views of over 50,000 XRP holders. In response, the court has not considered his request officially, yet the judge is now better conscious of the fact.
Judge Approves SECs Request to Extend Expert Discovery!
On 21st October 2021, US District Judge Analisa Torres approved SEC’s petition and postponed the next hearing to January 14th. Both the parties acknowledge that there are at least 14 expert witnesses that will be deposed. In response to the consent attorney Jeremy Hogan opined that this will further affect the schedule to settle the case. This would further drag the case summary judgment resolution to potential bear market territory March-May 2022.
Well, that is "no bueno."
— Jeremy Hogan (@attorneyjeremy1) October 20, 2021
Judge argues that the additional time will not affect the schedule to resolve the case but I don't see how that is possible; it HAS to affect the schedule for briefing summary judgment.
Case summary judgment resolution now not until March-May 2022. https://t.co/GGWVHluuPK
As 40% of institutional traders are from the USA. A portion of the XRP community members argue that the asset is going to miss out on a major bull run. And raising their concern that most of the traders are mitigating for other altcoins. The community further argues that any further delay in settling the lawsuit will result in serious harm to the interests of the XRP holders.
Will XRP be A Part of 2021-22 Bull Run?
As the case is going to be prolonged, the XRP community is in serious trouble. As per the expectations Bitcoin confirming its bull run raised beyond ATH. However, once the flagship asset halts, many altcoins with large market cap and strong fundamentals are awaiting to blast out. As Ripple lawsuit extension falls to Mar-May 2022 bear market territory, it may lose the year’s end momentum.
Collectively, XRP price may miss out on a new realm of price discovery as the ongoing lawsuit mostly damaged its reputation. On a brighter note, as the case is turning out historical, if Ripple wins the case then it would trigger an era of its price momentum. Potentially, if the case terminates by January end, the altcoin could break ATH $3 and may head towards $5.