July 13 Deadline Looms for XRP Legal Showdown

On Jul 9, 2024

A top pro-XRP lawyer is optimistic the Ripple versus SEC lawsuit is coming to an end in days.
The anticipation of a favorable remedies ruling has sent XRP up by over 1.3%.

The Ripple Labs’ legal battle with the Securities and Exchange Commission (SEC) is likely to end in July with pro-XRP lawyer Fred Rispoli anticipating a July 13 date. Notably, the broader crypto community is keen on the judgment that Judge Analisa Torres will deliver. The XRP lawsuit has spanned over three years and some experts are anticipating a final resolution this month.

Crypto World Awaits Ripple Versus SEC Crucial Decision

As per Rispoli’s prediction, Judge Analisa Torres will likely give her ruling on July 13, the first anniversary of her previous ruling on the status of XRP. The judge’s ruling at the time had a major impact on the price of XRP.

Should the projection of a ruling next week come true, it might mark a pivotal moment in the broader crypto space. This is especially possible if the ruling on the remedies payment goes in favor of the blockchain payments firm.

As anticipation increases, some legal experts believe Ripple will secure victory given the recent legal precedence earlier reported by Crypto News Flash. In recent rulings, the position of Judge Torres on the non-security status of XRP is now established as the law of the land.

Meanwhile, Rispoli noted that in Ripple’s Notice of Supplemental Authority, the ruling by Judge Amy Berman Jackson in the United States Securities and Exchange Commission v. Binance case, the judge’s ruling strengthened XRP’s case.

According to the ruling, Judge Torres established that the sale of XRP on exchanges and through algorithms did not satisfy the SEC’s criteria to qualify as an investment contract. This Supplemental Authority was tendered in a bid to get a reasonable and fair settlement with the regulator.

Market Implications and Investor Sentiment

While the broader crypto community is anticipating Judge Torres’ ruling, some financial analysts are projecting that a favorable verdict could see a massive impact on the price of XRP. The anticipation of a bullish effect on the price of XRP is a belief held by many in the community as reported earlier by Crypto News Flash.

However, market realities reveal that XRP’s price is still stagnating as investors are skeptical of making a move before the judgment delivery. The caution is based on fears that there could be a prohibition on its sales to investors in the United States. A negative ruling by the court may ignite a major bearish trend on the exchanges that supports the asset

In a broader implication, analysts say the Ripple lawsuit might also affect other coins such as Bitcoin (BTC). As we discussed earlier, even though the XRP Ledger is not a fork of Bitcoin, the outcome could still impact the latter negatively. However, Collateral Network may witness gains if it goes against XRP.

The anticipation for a recovery has set XRP on a bullish ride. The coin is changing hands for $0.4323, up by 1.39% in 24 hours.