The Ripple vs. SEC lawsuit is about to reach a critical turning point. Judge Analisa Torres is set to deliver a final judgment, and the verdict could send shockwaves through the crypto world. Will XRP soar to new heights, or will this be a major setback for the currency?
Experts and investors are anxiously waiting to find out. Dive deeper to learn more about the potential outcomes and what they could mean for the future of XRP.
Legal experts suggest that a settlement between Ripple and the SEC remains improbable, given Ripple’s string of courtroom victories. Notably, on July 13, 2023, Judge Torres ruled that XRP is not a security. This landmark decision sparked a dramatic 100% surge in XRP’s price within a matter of hours.
Pro-XRP attorney Bill Morgan emphasized that Ripple’s previous successes, including a key ruling that classified programmatic sales of XRP as non-securities, bolster their stance. He also expects Judge Torres’ ruling on secondary sales to hold firm, particularly in light of recent verdicts in other high-profile cases.
The case’s current focal point revolves around the potential financial penalties Ripple might face. The SEC argues that Ripple sold XRP to certain institutions without proper registration. Ripple counters that these transactions were legitimate and has proposed a $10 million fine. In response, the SEC has reduced its original fine demand from $2 billion to $102 million.
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have shared their perspectives on the matter. Garlinghouse described the day as “very good” for Ripple and the broader crypto industry, criticizing the SEC’s actions as an unlawful assault on the sector.
Alderoty underlined that the summary judgment is a crucial juncture, reinforcing that XRP is not a security and highlighting the SEC’s overreach. He also expressed caution regarding SEC Chair Gary Gensler’s strategies, suggesting that the agency’s attempts to entangle Ripple in extended legal battles are faltering.
As the anniversary of the summary judgment approaches, legal expert Fred Rispoli estimates a slim 5% chance that Judge Torres will issue her decision on that exact date. He predicts that if a ruling is imminent, it would likely be announced late in the morning or early afternoon EST. Nevertheless, Rispoli remains optimistic that a decision could come by the end of this month.
Looking at the XRP’s recent performance it has experienced a remarkable rally, recently reclaiming the $0.50 mark after a more than 17% increase this week. Investors seized the opportunity to buy the dip when prices dipped below $0.40, resulting in heightened trading activity.
As of now, XRP is trading at $0.52, with significant trading volume indicating renewed interest among traders.
Also Check Out : SEC Relaxes Crypto Reporting Rules for Banks and Brokerages: What This Means
The future of XRP hinges on this verdict. Any predictions?
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