Pro XRP Attorneys Contest SEC’s Feeble Evidence: Is Victory for XRP Imminent?

In a recent update, a prominent advocate for XRP, known as MetaLawMan, has explained why Judge Torres is expected to reject the SEC’s proposed $2 billion fine against Ripple. This development is highly favorable for XRP and indicates a strong bullish trend. Now, let’s delve into what this means for you.

MetaLawMan, also known as James Murphy, a pro XRP lawyer, has taken a swipe at the SEC’s weak arguments. He believes that Judge Torres might reject the SEC’s proposed fine, which would be a significant victory for XRP and a clear indication of a bullish trend. Murphy questions the SEC’s argument that institutional investors suffered financial harm and challenges the validity of their request for disgorgement. According to the SEC, institutional investors who paid a lower discount for XRP experienced an inflated price, resulting in pecuniary harm. However, Murphy doubts the interpretation of the facts in the case and suggests a misreading of the Second Circuit’s statement in SEC v. Govil.

MetaLawMan has expressed doubts about the SEC v iFresh case being used as a precedent for financial harm. He points out that the judge labeled it as “NOT FOR ELECTRONIC OR PRINT PUBLICATION,” indicating its limited authority. Murphy believes that Judge Torres may reject the SEC’s motion due to weak grounds.

In response to this, lawyer Jeremy Hogan emphasizes the importance of seeking permission from the appellate court before citing such cases. He hopes that the judge will recognize this oversight.

The SEC justifies disgorgement by citing Ripple’s alleged violations of securities laws, particularly related to the sale of unregistered XRP tokens. The SEC argues that an injunction is necessary to prevent future violations, as Ripple plans to distribute more unregistered crypto assets under its new corporate structure.

According to crypto influencer CryptoGeek, the XRP lawsuit could be coming to an end soon. There is a possibility of a Ripple settlement, and the judge is expected to release the final brief by May 20th. Additionally, the XRP Ledger (XRPL) is set to handle a significant trading volume of $1 trillion in decentralized finance (DeFi), with the CTF token being the only XRP Ledger DeFi token in the top 10. While it represents only a fraction of XRP’s market share, the CTF token could experience a substantial surge, potentially skyrocketing from $0.87 to $1937 effortlessly.

Despite some legal uncertainties, the price of XRP has seen a slight decline of over 2% in the last 24 hours and is currently trading at just above $0.52. To recover from recent losses, XRP must overcome key resistance levels, particularly at $0.5582 and $0.5916, on its way to reaching $0.60.

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Ripple (XRP)
Ripple Vs SEC