Ripple vs. SEC: XRP lawsuit Nears Conclusion, Verdict Expected in July

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Well, it looks like Ripple vs. is turning up the heat! As the SEC vs. Ripple legal battle nears its conclusion, legal experts are discussing the next steps. Unless the SEC introduces any unexpected developments, experts predict the much-awaited final verdict could come in July. 

Are we finally going to get the verdict we have all been waiting for?

Why Is July An Important Month?

Pro-XRP lawyer Fred Rispoli expects Judge Torres to rule on remedies by July, possibly even on July 13 or by July 31st at the latest. The SEC has demanded a hefty penalty of $2 billion, while Ripple argues the fine should be no more than $10 million.

Rispoli also mentioned that a pre-judgment settlement is unlikely, though some unresolved arguments could still be negotiated. These dates, he argues, hold historical significance due to last year’s key ruling by Judge Torres that recognized XRP as a non-security, which dramatically impacted the cryptocurrency’s price.

Historical Context: July 13’s Significance

July 13 is notable in Ripple’s legal battle because it marks the anniversary of the landmark decision where Judge Torres declared that XRP is not a security. This decision caused XRP’s price to double in a matter of hours, highlighting the potential for significant market movements based on legal outcomes in this case. Rispoli’s suggestion of this date for the final verdict reflects hope for a similar positive turnaround for Ripple and its supporters.

Current Status of the Lawsuit

The lawsuit has shifted from determining whether XRP is a security to debating the financial penalties Ripple must face. The SEC is seeking billions of dollars in damages from Ripple for what it claims were unregistered securities sales. 

On the other hand, Ripple has argued that the SEC’s demands for damages are unreasonable and should be reduced to $10 million. The SEC has recently lowered its demand to $102 million, indicating a positive outcome for Ripple, but Ripple has turned down this request. The dispute over the damages is a critical phase in the lawsuit, as both sides maintain their legal arguments over the scale of financial penalties.

Impact on the Crypto Market

XRP is in a critical position after Ripple turned down the SEC’s offer to reduce its penalty to $102.6 million. This move could impact Ripple and the XRP token, which has already seen over $200 million in legal costs. Currently priced at $0.4830, XRP has risen 0.8% in 24 hours and 1.5% over the past week. With a 14% increase in trading volume to $862 million, XRP could see further gains if market sentiment remains positive.

Will July prove to be another historic month for Ripple? Only time will tell.