Ripple versus SEC XRP lawsuit Approaches Conclusion Verdict Anticipated in July
Ripple vs. SEC Legal Battle: Final Verdict Expected in July
The legal battle between Ripple and the SEC is intensifying as experts discuss the upcoming conclusion. Barring any unforeseen developments from the SEC, legal experts anticipate that the long-awaited final verdict will be delivered in July.
Could July be the month we finally receive the verdict we’ve all been waiting for?
Why is July significant?
Fred Rispoli, a prominent lawyer representing Ripple, predicts that Judge Torres will announce the remedies by July, possibly as early as July 13 or, at the latest, by July 31. The SEC is seeking a hefty penalty of $2 billion, while Ripple argues that the fine should not exceed $10 million.
Rispoli also mentioned that reaching a pre-judgment settlement is unlikely, although some unresolved arguments may still be subject to negotiation. These dates hold historical value due to Judge Torres’ ruling last year, which recognized XRP as a non-security, significantly impacting the cryptocurrency’s price.
Historical Context: Significance of July 13
July 13 holds significance in Ripple’s legal battle as it marks the anniversary of Judge Torres’ landmark decision declaring XRP as not a security. This decision caused XRP’s price to skyrocket within hours, highlighting the potential for significant market movements based on the legal outcomes of 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 focus of the lawsuit has shifted from determining XRP’s security status to debating the financial penalties Ripple must face. The SEC is seeking billions of dollars in damages, alleging that Ripple conducted unregistered securities sales.
On the other hand, Ripple argues that the SEC’s demands for damages are unreasonable and should be reduced to $10 million. Recently, the SEC lowered its demand to $102 million, indicating a positive outcome for Ripple. However, Ripple rejected this offer. The dispute over damages is a crucial phase in the lawsuit, as both parties continue to present their legal arguments regarding the extent of the financial penalties.
Impact on the Crypto Market
Ripple’s rejection of the SEC’s offer to reduce the penalty to $102.6 million has put XRP in a critical position. This decision could influence Ripple and the value of the XRP token, which has already incurred over $200 million in legal expenses. Currently priced at $0.4830, XRP has experienced a 0.8% increase in the past 24 hours and a 1.5% increase over the last week. With a 14% surge in trading volume, reaching $862 million, XRP could see further gains if market sentiment remains positive.
Will July become another historic month for Ripple? Only time will reveal the answer.
Tags: Ripple (XRP)