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Lawyers Reflect On Settlement, Odds Of Judge Torres’ Ruling Today

Published

4 months ago

July 13, 2024

Coin2049 Newsletter

Ripple Vs SEC: The long-running lawsuit is headed toward the end and XRP holders and the crypto community await a final judgment in the remedies phase by Judge Analisa Torres. Lawyers expressed views on settlement and chances of an order by Judge Torres in the case on the anniversary of summary judgment.

Chances Of Settlement And Ruling Today In Ripple Vs SEC

Pro-XRP lawyer Bill Morgan reaffirmed that Ripple Vs SEC will not witness any settlement as the company already won many key motions, including a landmark ruling on the programmatic sale of XRP as not securities. Torres Doctrine on secondary sales of crypto stayed strong as Judge Jackson in the SEC vs Binance lawsuit dismissed claims on secondary sales of BNB.

He also doesn’t believe that the SEC will not appeal Judge Torres’ summary judgment despite many claiming that the agency to likely appeal the judge’s decision of last year.

Regarding the chances of a ruling today, lawyer Fred Rispoli said there’s a 5% odds that Judge Torres would be purposefully ruling on the anniversary of summary judgment. “Her orders *usually* are filed late morning/early afternoon (EST) so if it’s gonna happen today, now is the time!” he added. Rispoli still anticipates an order this July.

Ripple Executives On Summary Judgement Anniversary

Ripple CEO Brad Garlinhouse and CLO Stuart Alderoty reflected on the anniversary of summary judgment, a key ruling that granted XRP a non-security status. Garlinghouse said it was a very good day for Ripple and the entire crypto industry, which is facing an unlawful war waged by the U.S. SEC.

“He runs an agency that espouses the value of transparency. In fact he sends people to jail for not providing accurate transparency… yet, somehow, he believes transparency doesn’t apply to him and this SEC.”

Stuart Alderoty asserts summary judgment in the Ripple vs SEC lawsuit was a watershed moment written in law that XRP in and of itself is not a security. The ruling also disclosed the SEC’s gross overreach and lack of faithful allegiance 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 litigation trenches – that runway is running out for the SEC. Ripple and the entire industry has and will emerge stronger, long after Chair Gensler is gone.”

Also Read: XRP And LUNC Communities Scoff At Gary Gensler’s Call For SEC Tip

XRP Price Rally Over 17% In A Week

XRP price reclaims the $0.50 psychological level after a more than 17% rally this week, leading the charts for the crypto market. Investors took ‘buy the dip’ opportunity below $0.40 ahead of key ruling in the Ripple Vs SEC lawsuit.

XRP price jumped over 10% in the past 24 hours, with the price currently trading at $0.51. The 24-hour low and high are $0.4545 and $0.5108, respectively. Furthermore, the trading volume has increased by 70% in the last 24 hours, indicating a rise in interest among traders. As per CoinGape Markets, XRP can continue to rally towards $5.

Total XRP futures open interest soared more than 19% to 1.18 billion over the last 24 hours. Most of the buying came in the last 4 hours, recording a jump of 13%. Some will probably look for profit booking.