Pro-XRP attorney Fred Rispoli’s recent remarks on the Ripple vs. U.S. SEC lawsuit have sent tongues wagging across the cryptocurrency landscape. Speaking at the first episode of Legit Bros, a crypto-based live stream, the attorney shed light on key details surrounding the lawsuit, such as potential end dates and the SEC’s and Ripple’s possible next moves in the legal battle.

It’s worth mentioning that ever since the U.S. SEC and Ripple Labs collided in court, XRP, the Ripple Labs-backed token, has performed sluggishly in the market. Fred Rispoli’s comments on the matter have further ignited a frenzy within the XRP community, stirring investor speculations over the token’s future price movements.

Fred Rispoli Says XRP Lawsuit To End Soon

In his statements, Rispoli made a bold prediction, stating that the entire lawsuit at the district court level, before any appeals, could conclude by July or August. Further, addressing the XRP community’s concerns, he stressed the heavy stakes in the lawsuit as Judge Torres remains poised to declare how much Ripple has to pay in fines.

To this, the pro-XRP lawyer added, “I think it’s going to be under $25 million.” Contrary to the SEC’s proposed $2 billion fine, this statement has garnered significant attention across the global crypto landscape.

Meanwhile, substantial attention was also drawn to the question of whether the Judge’s filing will mandate an injunction on Ripple’s activities that are critical to its business model, particularly ODL (On-demand Liquidity). Rispoli responds to this by saying, it’s really bad if this happens, however, Ripple will keep forging ahead with its endeavors.

Simultaneously, the cloud of regulatory uncertainty further shrouded XRP’s future, although the token traded in the green at press time.

Also Read: 3 Skyrocketing Meme Coins You Missed This Week

XRP Price Jumps

As of this writing, XRP’s price has increased by 0.74% in the past 24 hours and is currently trading at $0.525. The token’s market cap jumped 0.73% to $29.02 billion, whereas the 24-hour trading volume dipped 33.57% to $738.40 million. This data further supports XRP’s highly turbulent market price action, which is primarily attributable to the ongoing lawsuit.

Nonetheless, should the case conclude at the abovementioned time, crypto market enthusiasts could witness a significant shift in XRP’s price action.

Also Read: Is Dogecoin(DOGE) Price At Risk? What do Analysts Have to Say?

The post XRP Lawsuit: Pro-XRP Lawyer Reveals Potential Conclusion Timeline In SEC Battle appeared first on CoinGape.

---

Filed under: News - @ May 18, 2024 11:06 am