As a seasoned researcher with extensive experience in the cryptocurrency industry, I have closely followed the legal battle between Ripple and the US Securities and Exchange Commission (SEC) since its inception. The ongoing lawsuit has been a rollercoaster ride for all involved, with significant developments shaping both the outcome of the case and the price of XRP.
TL;DR
- Ripple’s partial court victory a year ago, where certain XRP sales were not deemed securities, boosted the asset’s price. The ongoing trial continues with disputes over penalties.
XRP rose 23% in the past week, likely due to speculation that the lawsuit may soon conclude.
One Year Passed by
Despite the significant progress made over the past few months, the contentious legal battle between Ripple and the US Securities and Exchange Commission (SEC) persists. The dispute began in December 2020 when the SEC filed a lawsuit against the company and certain executives, alleging they sold unregistered securities through XRP transactions.
About a year ago, on July 13, Judge Torres handed down a landmark ruling in favor of Ripple. The court decision determined that Ripple’s programmatic sales to secondary trading platforms did not qualify as offers of investment contracts. This judgment ignited a surge in XRP‘s value, causing its price to soar beyond $0.80 within hours.
After the ruling, the magistrates declined the SEC’s plan to appeal, exonerating both CEO Brad Garlinghouse and Executive Chairman Chris Larsen of the charges filed against them by the agency.
Based on reports from some industry insiders, Ripple’s partial wins have put it in a favorable position in the ongoing competition. However, a ruling in the company’s favor could lead to significant market turbulence and potentially boost XRP‘s value, as observed after previous triumphs.
As a researcher following the developments of the ongoing legal battle between Ripple and the SEC, I’ve observed that the trial phase commenced in April this year. Contrary to expectations, the proceedings have not resulted in a resolution but rather more confrontation. One major point of disagreement revolves around the potential penalty for Ripple. The SEC originally demanded a hefty fine of $2 billion, while Ripple countered with a proposed sum no greater than $10 million.
Ripple referred to Judge Amy Jackson’s dismissal of the SEC’s claims that selling Binance‘s BNB token in secondary markets amounted to securities transactions. In response, Ripple submitted a Notice of Supplemental Authority, contending that this decision strengthens their argument that the alleged unlawful sales of XRP should not result in severe penalties.
The SEC argued that the legal action against Binance had no connection to the case against Ripple. However, they proposed a revised penalty of $102.6 million for Binance instead of the initial harsh sanction.
XRP Price Outlook
As a researcher, I’ve observed some noteworthy growth in Ripple’s native token over the past few days. On a weekly basis, it has soared by an impressive 23%. This upward trend even allowed it to reach a new milestone, briefly touching the $0.55 mark for the first time since early May, according to CoinGecko’s data.
A plausible explanation might be the heightened anticipation that the lawsuit is nearing its conclusion. Some individuals, such as American attorneys Fred Rispoli and Jeremy Hogan, are optimistic that an formal accord could be disclosed as soon as this summer.
For those with an interest in deepening their understanding of how the ongoing case might influence XRP‘s pricing, please check out the informative video we have prepared for you below.
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2024-07-15 15:06