What to Anticipate Next in the Ongoing Legal Dispute Between Ripple and the SEC
Key Points
– Ripple and the SEC are in a legal battle over alleged unregistered securities offerings.
– XRP price has been fluctuating amid regulatory uncertainties.
– Analyst predicts court resolution between July-September 2024.
– Ripple files motion to seal documents, SEC opposes.
– SEC seeks insight into past XRP sales and $2B in fines.
– XRP price could surge to $3.34 with a favorable ruling.
The ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC) dates back to December 2020 when the SEC accused Ripple of conducting unregistered securities offerings through the sale of XRP, raising over $1.3 billion. As the battle wages on, the future remains uncertain.
Meanwhile, Ripple’s native coin, XRP, has been trading around $0.50 following a ruling by US District Judge Analisa Torres that deemed XRP not a security, causing a temporary surge in price to $0.93.
Recently, Ripple filed a motion to seal documents related to remedies, citing potential harm if these documents were made public. The SEC, however, opposed this motion, arguing that the information could be crucial in understanding Ripple’s past XRP sales and accused Ripple of concealing discriminatory discounts.
In response, Ripple stated that changes in their sales procedures have rendered these documents irrelevant and emphasized the court’s ruling that XRP is not a security, distinguishing it from investment contracts.
Looking ahead, there is speculation that Judge Analisa Torres could deliver a final decision between July and September 2024, potentially leading to a settlement between the parties. Lawyer Jeremy Hogan believes a quick resolution is possible, suggesting a $100 million settlement, although the SEC is seeking much higher fines of nearly $2 billion from Ripple.
The uncertainty surrounding XRP’s regulatory status continues to impact its price, which has been fluctuating between $0.530 and $0.4965. Experts suggest that a positive court ruling for Ripple could result in a significant price surge, possibly reaching its previous all-time high of $3.34 in 2021.