XRP prices leaped today as investors grew hopeful the Ripple/SEC lawsuit will likely conclude in the next coming weeks. This means we could finally see the light at the end of the litigation tunnel.
Most importantly, the chances of the case ending in Ripple’s favor are looking better each day.
Ripple Lawsuit Set To Conclude Soon?
Ripple’s long-running dispute with the U.S. Securities and Exchange Commission (SEC) could be finalized within weeks.
This positiveness comes after U.S. District Judge Analisa Torres issued a much-awaited ruling on the parties’ motions to preclude expert testimony in the lawsuit. The decision was welcomed with open arms by the XRP Army. One XRP devotee going by the online moniker Leerzeit on Twitter astutely stated that “a close win for Ripple on a purely mathematical basis.”
John E. Deaton, the founder of legal news outlet CryptoLaw and XRP holders’ lawyer, shared the details of the ruling with his over 246,000 Twitter followers. Reacting to his tweet, a Twitter user asked if the latest development might offer insights into the remaining time before we get the summary judgment.
Deaton noted with sunny optimism: “I seriously doubt that we see a significant delay from here. Could be tonight or in a couple of weeks.”
The SEC initiated the lawsuit in December 2020, claiming that Ripple illegally sold $1.3 billion worth of its XRP token as an unregistered security. The San Francisco-headquartered blockchain payments company has long disputed the claim, arguing that XRP doesn’t constitute an investment contract under the infamous Howey test.
As ZyCrypto has previously reported, Ripple seems to be gaining the upper hand in the case, thanks to new positive developments in court. However, should the SEC prevail in this case, there would be a very undesirable legal precedent for the entire crypto market, which is why investors, developers, and shareholders alike have been closely following the case for the last two years.
Attorney Fred Rispoli shares Deaton’s opinion. Rispoli suggested that Judge Torres’ recent ruling is an indication that summary judgment is “very, very close.” According to him, the verdict could come as soon as this month.
“So, summary judgment is either coming out at any moment, or J. Torres is dropping this one first to cajole the parties into settlement at the last chance,” Rispoli summarized.
XRP jumped 2.54% on Tuesday to change hands at $0.3812 at publication time.