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Lawyers mull over deal, chances Judge Torres will issue ruling in July
Ripple vs SEC: The long-running lawsuit is nearing its conclusion as XRP holders and the cryptocurrency community await a final ruling in the remedies phase from Judge Analisa Torres. Attorneys weighed in on the settlement and the chances of an order from Judge Torres in the case on the anniversary of the summary judgment.
THE SEC has scheduled a closed-door meeting for July 18, and market participants believe the meeting is about an injunction and settlement in the XRP lawsuit.
Settlement and Judgment Today in Ripple vs SEC
Pro-XRP Lawyer Bill Morgan reiterated that Ripple vs. SEC will not see any settlement as the company has already won several key motions, including a landmark ruling on the programmatic sale of XRP as a non-securities. Torres Doctrine
on secondary sales of cryptocurrencies remained strong as Judge Jackson in the SEC case against Binance rejected claims about secondary sales of BNB.
He also does not believe the SEC will appeal Judge Torres’ summary ruling, despite many saying the agency will likely appeal the judge’s decision last year.
As for the chances of a verdict today, the attorney Fred Rispoli said there is a 5% chance Judge Torres will intentionally rule on the anniversary of the summary judgment. “Her orders *usually* come in late morning/early afternoon (EST), so if it has to happen today, now is the time!” he added. Rispoli still expects an order this July.
Ripple Executives on Summary Judgment Anniversary
CEO of Ripple Brad Garlinhouse and CLO Stuart Alderoty reflected on the anniversary of the summary judgment, a key ruling that granted XRP non-security status. Garlinghouse said it was a very positive day for Ripple and the entire cryptocurrency industry, which is facing an illegal war waged by the US SEC.
“He runs an agency that espouses the value of transparency. In fact, he sends people to prison for failing to provide accurate transparency…and yet somehow he believes that transparency does not apply to him and this SEC.”
Stuart Alderoty argues that the summary judgment in Ripple vs. SEC was a watershed moment written into law, as XRP itself is not a security. The ruling also revealed the SEC’s gross overreach and lack of faithful adherence to the law.
Regarding Gary Gensler, he said: “Don’t be distracted by the SEC’s continued efforts to mire Ripple and the industry in the trenches of litigation: that runway is running out for the SEC. Ripple and the entire industry have emerged and will emerge stronger, long after Chairman Gensler is gone.”
Read also: XRP and LUNC Communities Deride Gary Gensler’s Request for SEC Leak
XRP Price Rally Over 26% In A Week
XRP price hit the $0.56 level after rallying over 26% in a week, leading the charts for the cryptocurrency market. Investors took the opportunity to “buy the dip” below $0.40 ahead of a key ruling in the Ripple vs. SEC case.
XRP Price has jumped more than 1% in the past 24 hours, with the price currently trading at $0.53. The 24-hour low and high are $0.521 and $0.539, respectively. However, trading volume has dropped by 45% due to profit booking. According to CoinGape Markets, XRP can continue to rise towards $5 in this bull market.
Total open interest on XRP futures surged over 19% to $1.18 billion last week. Most of the buying occurred in the hours, which saw a 13% jump. As expected, some traders booked profits.
Source: Coinglass
Read also: Ethereum Spot ETF Approval: How Long Will the US SEC Keep Silent?