As a researcher with experience in the crypto industry, I’ve followed the Ripple vs. SEC lawsuit closely. The ongoing legal battle has had significant implications for XRP‘s price and market sentiment.
TL;DR
- ChatGPT is optimistic that XRP’s price could rise significantly if Ripple wins its lawsuit against the SEC.
The legal battle continues with discussions on the potential fines the company might face, impacting the timeline and outcome of the case.
What are XRP’s Chances?
As a researcher studying the cryptocurrency market, I’ve noticed that Ripple’s XRP has experienced some turbulence lately, with its price taking a hit in recent days. However, I believe there are crucial factors that could potentially turn things around for this asset. One such factor is the resolution of the protracted legal dispute between Ripple and the US Securities and Exchange Commission (SEC).
The litigation has been unfolding for more than three years and a half. At present, it is undergoing its trial stage. However, those involved in the industry may need to be patient for a while longer as the final decision could still be some time off, given the intricacy of the legal proceedings and the likelihood of appeals from both sides.
Previously in the past week, American lawyer Fred Rispoli forecasted that the ongoing case might be concluded by the end of July with a fine of up to $25 million for Ripple and no requirement for them to return any profits. In light of this prediction, we’re curious if XRP‘s price could reach the $1 million mark if this outcome materializes.
If the magistrates rule in Ripple’s favor in the ongoing lawsuit, the value of the asset could significantly increase, according to the widely-used AI chatbot, potentially surpassing that level.
In the past, the value of XRP has significantly increased after positive court decisions. For example, when Judge Analisa Torres determined that Ripple’s transactions of XRP to individual buyers were not classified as securities sales, the price of XRP rose by more than 80%.
On the contrary, the chatbot expressed uncertainty about the lawsuit being resolved within the upcoming weeks, hinting that a potential regulatory change could take longer than anticipated.
What’s New on the Ripple v SEC Front
One significant point of contention in the ongoing legal dispute revolves around the possible penalty for Ripple. Initially, the SEC demanded a massive fine of $2 billion from the company. In contrast, Ripple argued that the penalty should not exceed $10 million. The SEC then adjusted its stance, reducing the proposed penalty to $102.6 million.
More recently, Ripple has submitted a Notice of Supplemental Authority concerning a recent judgment. Last week, Judge Amy Jackson ruled against the Securities and Exchange Commission’s argument that Binance‘s secondary market sales of BNB tokens qualified as securities transactions.
Ripple aimed to leverage the decision in our favor, with my legal team, led by Michael Kellogg, contending that the suspected XRP sales infringements do not call for severe penalties as the SEC advocates.
The regulatory body expressed its disagreement, deeming the Binance case decision “completely unrelated” to the ongoing Ripple matter.
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2024-07-06 08:58