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Highlights
- Ex-Ripple Sean McBride predicts 50/50 chance of August ruling in SEC lawsuit.
- McBride suggests a possible delay to September if a ruling is not made in August.
- XRP community is hopeful for a favorable ruling, which could set a precedent for US crypto regulations.
The ongoing Ripple SEC lawsuit has been one of the hottest topics in the crypto town lately, with speculations soaring over a conclusion of the case. Former Ripple employee Sean McBride has provided key insights on the ongoing lawsuit, predicting the odds of Judge Torres ruling in August. Besides, he also predicted an additional timeline for the conclusion, if not in August.
Ex-Ripple Predicts Odds Of August Ruling In Ripple SEC Lawsuit
A former Ripple employee, Sean McBride, has recently made an X post on the odds of Judge Torres ruling in August. The post has received immense traction from the XRP community as well as from the broader cryptocurrency space, reflecting the buzz over the Ripple SEC lawsuit.
In his recent post, he has suggested a “50/50” chance of Judge Torres issuing a decision in August. Commenting on the post, one user commented that Ripple CEO Brad Garlinghouse had previously predicted a resolution by the end of summer. Replying to that, McBride said that if there is a delay in the ruling, it is highly likely that Judge Torres will be giving her decision by the end of September.
Meanwhile, speculation is soaring within the XRP community about a possible settlement between Ripple and the SEC. However, despite these hopes, legal experts like pro-XRP lawyer Bill Morgan and former SEC attorney Marc Fagel have downplayed the likelihood of a settlement.
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XRP Community’s Outlook
The Ripple SEC lawsuit has drawn varied opinions from legal experts and the XRP community. The recent comments of the Ripple executives like Brad Garlinghouse, and others, have fueled speculations over a potential conclusion in the ongoing lawsuit. In addition, Ripple, in its Q2 2024 XRP market reports, showed confidence in a fair ruling in the ongoing case.
Ripple said that the firm is confident that the judge will provide a fair ruling. Besides, they also said that the central ruling that XRP is not a security will remain unchanged, whatever the outcome is.
Meanwhile, as the cryptocurrency community eagerly awaits the decision, the implications of the ruling could be significant. A favorable ruling for Ripple could set a precedent for other cryptocurrencies as well as for the US crypto regulations. Conversely, an unfavorable outcome could have broad repercussions for the industry.
The coming weeks will be crucial as the deadline approaches. Notably, the XRP community remains on edge, hopeful for a resolution that could end the prolonged legal battle.
As of writing, XRP price was down 2% to $0.5517, amid a downturn momentum noted in the broader crypto market. Besides, its trading volume also declined over 27% to $1.36 billion at the same time, indicating the volatile scenario dominating the market.
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