The ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is awaiting a Summary Judgment from the U.S. District Court. The decision in the case is anticipated to have a significant impact on the price of Ripple's native cryptocurrency, XRP, in the future. Although the ruling's timing remains uncertain, an attorney involved in the XRP lawsuit has hinted that it may be closer than expected.
Ripple Win Will Pump XRP
Attorney John Deaton, who serves as an Amicus curiae in the XRP lawsuit, has recently stated that the Judge's ruling in the case is likely to be issued within the next few weeks, and may even be announced this week. Deaton made this statement after Ripple and the defendants filed a Letter Notice of Supplemental Authority to support their fair notice defense.
According to the lawyer representing XRP holders, the risks/reward ratio for XRP is currently the most attractive. In the event that the U.S. SEC wins the case, Deaton speculated that the downside for XRP would be limited to $0.45, as Ripple and the defendants would likely appeal the decision in court and maintain the status quo.
However, if the ruling is in Ripple's favor, it would be clear that XRP is not a security, which would be a significant positive for the token.
The U.S. SEC has responded to Ripple and Defendants' Letter of Supplemental Authority, stating that neither the Bittner case nor Voyager's bankruptcy plan confirmation order will aid the defendants.
Over the past seven days, XRP's price has increased by almost 20%, while Bitcoin's price has not shown any positive movement during the same period. As of the time of writing, XRP is trading at an average price of $0.453, and its 24-hour trading volume has decreased by 24% to $1.22 billion.
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