tl;dr
The US SEC has requested a deadline of January 15, 2025, to file its principal brief in the appeal case against Ripple, including Ripple's Co-Founder Chris Larsen and CEO Brad Garlinghouse. The principal brief will contain the SEC's arguments supporting their appeal. Ripple is expected to file its F...
The US Securities and Exchange Commission (SEC) has requested a deadline of January 15, 2025, to file its principal brief in the appeal case against Ripple, which includes Ripple's Co-Founder Chris Larsen and CEO Brad Garlinghouse. The principal brief will contain the SEC's arguments supporting their appeal.
Ripple is expected to file its Form C soon, likely appealing Judge Analisa Torres' ruling on their XRP institutional sales being considered securities. Ripple's Chief Legal Officer expressed confidence in winning the case against the SEC in the Second Circuit.
Defense lawyer James Filan revealed that the SEC had asked the court to grant January 15, 2025, as the deadline to file its principal brief, fully kickstarting the case, which experts suggest could last until 2026.
The principal brief will contain the SEC's arguments supporting their appeal against Judge Analisa Torres' ruling on Ripple's XRP sales. The Commission has also included Ripple's Co-Founder Chris Larsen and CEO Brad Garlinghouse in the appeal, as they argue that the duo facilitated these offers and sales. Ripple Chief Legal Officer (CLO) Stuart Alderoty mentioned last week that he expects the SEC to use up the full period for filing its first brief, after which Ripple will file its response.
Meanwhile, the US SEC's request comes amid the much-anticipated filing of Ripple's Form C, expected to happen imminently. Ripple will appeal Judge Torres' ruling on their XRP institutional sales being considered as securities, the only thing they lost at the District court. Garlinghouse and Alderoty expressed confidence about a Ripple win in the Second Circuit.
The Ripple CLO also recently stated that the Second Circuit will likely affirm or expand Judge Torres' ruling, claiming that the best outcome the US SEC could hope for was a remand to the lower court.
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Technical Analysis: Unveiling Market Trends
In the current market environment, the S&P 500 index has exhibited a strong bullish trend, supported by the 50-day moving average. The Relative Strength Index (RSI) stands at 65, indicating a potential continuation of bullish momentum. However, caution is advised as the index approaches overbought territory.
Apple Inc. (AAPL) has shown a breakout above its key resistance level, signaling a potential upward movement. The RSI is at 70, suggesting a slightly overbought condition. Traders should monitor for a sustained move and potential retest of the breakout level.
The head and shoulders pattern on the chart of Amazon.com Inc. (AMZN) raises concerns as the stock approaches the neckline support. A breakdown from this level could indicate a trend reversal with bearish implications.
Overall, while bullish momentum is prevalent in the market, investors should remain vigilant as overextended conditions and potential trend reversals pose inherent risks. Technical analysis provides a valuable framework for decision-making, but it's essential to acknowledge the uncertainties inherent in market forecasting.
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Business Focus: Develops, markets, and licenses proprietary materials, processes, and technologies for the semiconductor industry
Operating Regions: North America, Europe, and Asia Pacific
Headquarters: Los Gatos, California
Industry: Manufacturing, Semiconductors & Related Devices
NAICS Code: 93701000
Revenue: $640,000
Net Income: $7
EPS (Earnings Per Share): -$0.73
Price Change (52 Weeks): 0.025
Employees: 109
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Stock Ticker: C3
Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: 3102146000
Dividend Yield: None
Price/Earnings (P/E) Ratio: None
EPS: -2.28
ROI: 2.674
Beta: -0.855
Volume: 325433000
Current Stock Price: $25.11
50-Day Moving Average: $0
200-Day Moving Average: $0
Relative Strength Index (RSI): 0.205