Is Ripple on the Brink of Victory Against SEC: What’s Next for XRP?
The post Is Ripple on the Brink of Victory Against SEC: What’s Next for XRP? appeared first on Coinpedia Fintech News
As the Ripple lawsuit against the U.S. Security Exchange Commission approaches a crucial moment, the crypto community is on high alert. With Judge Analisa Torres set to deliver a final judgment, experts and XRP holders are weighing the odds of a settlement and what this could mean for the cryptocurrency’s future.
No Settlement in Sight
Legal experts suggest that a settlement is unlikely, as Ripple has already secured significant victories in court. Meanwhile, today marks a significant milestone for Ripple, as it was on July 13, 2023, that Judge Torres declared XRP not to be a security. This ruling caused XRP’s price to jump by 100% in just a few hours.
Pro-XRP attorney Bill Morgan noted that Ripple’s previous wins, including a critical ruling that deemed programmatic sales of XRP as non-securities, strengthen their position.
Additionally, he noted that Judge Torres’ ruling on secondary sales is likely to remain intact, especially following recent decisions in other high-profile cases.
Point Of Focus In The Case
The current focus of the case is on how much Ripple could be fined. The SEC says Ripple sold XRP to some institutions without proper registration. Ripple claims these sales were valid and offered to pay a fine of just $10 million. Meanwhile, the SEC has reduced its fine from $2 billion to $102 million.
Ripple’s Leadership Speaks Out
However, Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty shared their thoughts. Garlinghouse called it a “very good day” for Ripple and the entire crypto industry, criticizing the SEC for what he described as an unlawful campaign against the industry.
Meanwhile, Alderoty highlights that the summary judgment represents a crucial moment, strengthening that XRP is not a security and highlighting the SEC’s overreach.
He further added a note of caution regarding SEC Chair Gary Gensler, suggesting that the agency’s efforts to tie Ripple in prolonged lawsuits are losing steam.
When Will the Ruling be Announce
With the anniversary of the summary judgQment approaching, legal expert Fred Rispoli noted a slim chance about 5% that Judge Torres would deliver her decision on that very day. He further noted that if a ruling is coming today, it would typically be released late in the morning or early afternoon EST. Nonetheless, Rispoli remains hopeful for a decision by the end of this month.
XRP’s Price Surge
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.
