TL;DR
The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has witnessed numerous developments lately. It entered its trial phase in April 2024 (more than three years after the start of the process), with both parties presenting necessary information and documents and abiding by the court rules.
Despite being in its final stage, a resolution is still yet to come. Ripple’s CEO recently argued that the entities might shake hands “very soon,” while other experts were more precise with their predictions. The American attorney Fred Rispoli suggested that the case could be officially closed by July 31, whereas Jeremy Hogan thinks this could happen before the summer’s end.
Some X users speculated that an agreement may be announced as soon as this week based on the SEC’s closed meeting scheduled for today (July 25). The agency is supposed to discuss several subjects, including “Institution and settlement of administrative proceedings” and “Resolution of litigation claims.” The meeting was initially set for July 18 but later rescheduled for today.
On the other hand, other industry participants reminded that the Commission often conducts similar gatherings, and so far, it has not touched upon the Ripple case.
Ripple’s native token has been rallying recently, briefly surging to $0.63 last week and currently hovering at around $0.61. It is among the few altcoins that have defied the market-wide correction. Bitcoin (BTC), for instance, is down 2.5% in the past 24 hours, while Ethereum (ETH) has tumbled by nearly 10% in the same period.
A potential resolution of the Ripple v SEC lawsuit could trigger enhanced volatility for XRP as the asset could repeat its surge from last year in case of a positive outcome for the company or vice-versa.
Some believe Ripple has the upper hand in the spat, having secured three vital (yet partial) court victories throughout 2023. XRP’s price skyrocketed by over 70% mere hours after the first triumph in July last year. Back then, Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts.
Those willing to learn more about the case and its possible impact on XRP, please take a look at our dedicated video below:
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
DeFi Wallets Unmasked: Your Key to Financial Sovereignty in the Crypto Wild West DeFi wallets…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The Head…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Australia’s financial…
Chris Toomey, a managing director at Morgan Stanley, thinks the market hasn’t priced in the…
Curious about stablecoins and how they fit into the crypto world? This guide breaks down…
Last week, Donald Trump’s delay on European tariffs marked the return of the bullish rally…