XRP Lawsuit Update: Will SEC Announcement Be Delayed Until August 7?

Recent developments in the XRP lawsuit, coupled with the SEC’s increasingly favorable stance, have sparked speculation about an imminent settlement in the Ripple case. Although experts are divided on the likelihood of a swift dismissal, a prevailing view is that the case is unlikely to drag on beyond two months.

Recently, an XRP proponent claimed that the SEC would not produce an official announcement on the XRP lawsuit until August 7. However, attorney Marc Fagel quickly debunked the assertion, labelling it as incorrect.

XRP Lawsuit Settlement: Is August 7 in Focus?

As the community eagerly awaits the XRP lawsuit settlement, there are diverse predictions and opinions on the potential developments.

In significant development, Brett, a prominent XRP community member, took to X to assert that the SEC will keep silent on the XRP lawsuit until August 7. He cited a court ruling that supported his claim. His statement read, “Breaking news: SEC Won’t Make Official Announcement on Lawsuit Until August 7.”

However, his post sparked controversy, with many criticizing it as outdated information. The community noted that the document was from the previous summer, casting further doubt on its relevance.

Significantly, former SEC lawyer Marc Fagel criticized the post, calling it “stupid and wrong.” This adds more ambiguity to the credibility of the expert’s words on the SEC’s delay in the XRP lawsuit until August 7.

Why the SEC Delays the Ripple Case?

In an astounding development, the Securities and Exchange Commission has dropped its appeal against Ripple. In response, the platform withdrew its cross-appeal. These significant developments, along with the SEC’s recent dismissal of multiple crypto lawsuits, have fueled anticipations of a quick resolution in the XRP lawsuit.

However, driven by certain complexities surrounding the case, there is still a possibility for a potential delay in the Ripple lawsuit’s end. For instance, Fox Business journalist Eleanor Terrett revealed major reasons for the SEC’s delay in the case. She suggested that the agency should ask Judge Torres to remove the injunction, which is different from other cases.

When Will the SEC Officially Drop the XRP Lawsuit?

Recently, the SEC officially announced the dismissal of multiple lawsuits, including Cumberland, Kraken, and Consensys. This critical development has further sparked anticipations about the legal status of the XRP lawsuit.

According to lawyer Fred Rispoli, the Ripple lawsuit would be settled within the next two months. He posited that Ripple has already prepared the required documents for a settlement. This would follow the SEC commission’s vote, anticipated within 30 days.

An official announcement from the SEC could trigger a parabolic rally for the XRP price, which is eyeing a rally to a new all-time high (ATH). The altcoin rallied above $2.5 following Ripple’s announcement that the Commission will drop the lawsuit.