Ripple Vs SEC News: Experts claim the long-running XRP lawsuit is to conclude really soon as Judge Torres’ final ruling could come this year, most probably in September. The tussle between the U.S. SEC and Ripple Labs will continue, currently in remedies phase, until an imminent appeal and settlement.

The Securities and Exchange Commission (SEC) is to submit its final reply in the remedies phase today, May 6. Ripple objected to the SEC’s nearly $2 billion in disgorgement, prejudgment interest, and civil penalty. Ripple argues the company is only liable to a penalty not exceeding $10 million.

Expert Says Ripple Vs SEC Settlement Is Imminent

Ashley Prosper, an expert on the XRP lawsuit, said the SEC’s final reply in the remedies phase is crucial for the Ripple v. SEC case as parties could confer on potential penalties for XRP institutional sales and reveal terms of potential settlement.

After the reply briefs, the parties and third parties are to file letter motions and opposition related to sealing details in the filings until May 20. This could easily extend the lawsuit to June.

XRP lawyers predicted a final ruling to come substantially quicker than the summary judgment rulings, within 60 to 90 days after the last brief. Similarly, Ashley Prosper claims the XRP community has to wait until July or August, even September for Judge Torres’ final ruling.

Are Appeal and Settlement Likely?

Ripple and the SEC are most likely to appeal lost motions and rulings in the XRP lawsuit. The SEC to appeal Judge Torres’ summary judgment ruling on XRP programmatic sales. Whereas, Ripple will appeal the motions SEC won in the lawsuit.

Moreover, Ripple could file an appeal if the penalties are ruled to be higher and not in terms of Ripple’s arguments. The company argues the SEC’s allegation that institutional investors suffered pecuniary harm is weak for disgorgement.

Lawyer Bill Morgan said, “I am really looking forward to seeing what the SEC says in its Reply Brief about Ripple’s argument that the permanent injunction should not be granted or, if granted, should be restricted.” He believes the injunction is more crucial than how much Ripple is ordered to pay. The SEC’s intention to permanently stop Ripple’s sales to ODL customers raises speculation.

A settlement can happen between the parties after the final decision by Judge Torres, probably to prevent appeal. It can happen any time between now and any potential appellate court ruling, said Ashley Prosper.

XRP Price Can Rally From Here

The SEC lawsuit has cut off XRP price rally as the price continued to move near $0.5. A final decision in the Ripple Vs SEC is a major catalyst for XRP price rallying to $1 at least, with support from bull market.

XRP price trades over $0.53, up nearly 1% in the last 24 hours and 5% in a week. The 24-hour high is $0.547, with trading volume rising more than 76% in the past 24 hours. As CoinGape predicted, any positive developments in the lawsuit can push prices to at least over $0.55.

XRP futures OI maintains over 1 billion XRP after a jump in last week. There’s a massive buying activity by derivatives traders, with XRP futures OI jumping over 8% in 24 hours and 2% in the last hour.

Source: CoinGlass

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Filed under: News - @ January 1, 1970 12:00 am