XRP Gearing Up For Phenomenal Breakout As Legal Expert Reveals Imminent End Date For SEC-Ripple Case

08.07.2024 / Payment system news

Pro-XRP lawyer Fred Rispoli, founder of HODL Law, has made an epic prediction about when Judge Analisa Torres will issue a summary judgment decision in the U.S. Securities and Exchange Commission (SEC) vs. Ripple lawsuit.

Rispoli indicated that after over three years of legal proceedings, the protracted legal dispute could see a potential resolution by the end of this month.

High-Stakes XRP Lawsuit To End This Month?

With crypto market commentators and XRP investors alike anticipating the verdict in the longstanding case between Ripple and the SEC, attorney Fred Rispoli has speculated a potential end date for the lawsuit.

In a recent post on X, Rispoli noted a recent filing, specifically Ripple’s Notice of Supplemental Authority, citing the recent ruling by Judge Amy Berman Jackson in the United States Securities and Exchange Commission v. Binance case. Judge Jackson’s ruling strengthened an earlier precedent set in SEC v. Ripple by New York Judge Analisa Torres, which established that the sale of XRP on exchanges and through algorithms did not satisfy the SEC’s criteria to qualify as an investment contract.

Rispoli opined, “Just got a notice of a filing in SEC vs Ripple case, and my heart skipped a beat…but don’t worry, no ruling just yet. It was Ripple’s notice to Judge Torres of the Binance decision last week.”

Ripple has contended that similar to the Binance lawsuit, sales of XRP on secondary markets did not constitute securities sales under US federal laws. Ripple also pointed to the lack of regulatory clarity to bolster its argument against the securities regulator.

When asked by an X user going by the online moniker Crypto Moon Amsterdam when he expects Judge Torres’s verdict to come in, Rispoli responded:

“July 31, although I could see her doing July 13 to be poetic.”

The prominent attorney is referring to the momentous date of July 13, marking the anniversary of the landmark 2023 ruling by Judge Torres, which gave the XRP price a shot in the arm.

Ripple and the SEC have been in the remedies phase, with the agency asking a New York judge to impose a nearly $2 billion fine against the San Fransciso-based blockchain payments startup. The SEC recently considerably slashed its request to $103 million — but Ripple maintains the civil penalty should be no more than $10 million.

As of press time, XRP was changing hands at $0.4257, marking a 1.6% drop on the day.