NewsletterJust-In: XRP Lawsuit Summary Judgment May Land This Week, Suggests Case Insider
XRP Lawsuit News: The long running legal battle between U.S. Securities and Exchange Commission (SEC) and Ripple Labs is waiting for the U.S. District Court to announce a Summary Judgment. The pending ruling in the case is expected to make or break Ripple’s native crypto, XRP price ahead. However, an attorney involved in the XRP lawsuit has suggested that a ruling in the case is closer than it appears.
Ripple Win Will Pump XRP
Attorney John Deaton, Amicus curiae in the XRP lawsuit stated that Judge’s ruling is coming down within the next few weeks. He added that a judgment may be announced by this week. This statement come when the Ripple and defendants filed a Letter Notice of Supplemental Authority in order to back their fair notice defense.
XRP holders’ lawyer added at this point XRP holds the most attractive risks/reward ratio. Speculating a win for the U.S. SEC, Deaton stated what would be the downside from $0.45. If the Commission bags a win then the Ripple and Defendant will appeal in court and can gain the status quo.
Meanwhile, if the court drops a ruling in Ripple’s favor then it would be out and clear that the XRP isn’t a Security which is a complete upside for the token.
Also Read: XRP Outperforms Bitcoin, Ethereum; Whales Move 383 Million XRP
Earlier, U.S. SEC filed a reply against the Ripple and Defendants’ letter regarding Supplemental Authority. It mentioned that the neither Bittner case nor Voyager’s Bankruptcy plan confirmation order will help the defendants.
XRP price is up by almost 20% over the past 7 days while Bitcoin price hasn’t managed to print green indexes in the same period. XRP is trading at an average price of $0.453, at the press time. Its 24 hour trading volume is down by 24% to stand at $1.22 billion.
Also Read: XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law; Here’s Why
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