XRP would no longer be a currency but a security if the SEC won the case, establishing a legal standard to classify similar crypto assets. According to Jeremy Hogan, Judge Torres might give a decision that would delay determining whether Ripple won or lost.
Many wonder whether there will be a resolution to the SEC and Ripple case more than a year after it began. Although several legal experts who share updates on the lawsuit offered potential dates, most believe Judge Analisa Torres will give her decision in late March 2023.
James K. Filan, a former US prosecutor, continues to forecast when Judge Torres will give a final decision in the Ripple lawsuit. He thinks the latter will rule on the petitions for summary judgment and the experts by the end of March next year.
Filan recently reiterated his prediction that District Judge Torres would decide on the expert and summary judgment motions at the same time. He made that announcement after sharing a revised schedule update for the summary judgment in the SEC and Ripple case.
XRP, the native token of Ripple, would no longer be a currency but a security if the SEC won the dispute. That might establish a legal standard in the United States to classify other similar crypto assets as securities.
Therefore, the lawsuit against Ripple is crucial for the crypto industry, investors, blockchain technology developers, and global lawmakers.
Attorney Hogan Believes the SEC and Ripple Dispute Is Complex
If Filan sticks to his prediction, the XRP community expects Judge Torres to rule in favor of Ripple. However, Jeremy Hogan, partner at Hogan & Hogan law firm, finds continuing the SEC and Ripple dispute very complex.
Attorney Hogan commented that it might be possible to settle any component of the lawsuit at any time. Furthermore, he thinks Judge Torres might give a decision that would delay determining whether Ripple won or lost.
XRP Transactions Increase Considerably amid the Victory of Ripple
The lengthy legal battle between the SEC and Ripple is about to end, as several companies back the payment network.
Brad Garlinghouse, CEO of Ripple CEO, said many cryptocurrency exchanges, developers, and individual entities supporting Ripple had filed twelve amicus briefs.
Positive news on the lawsuit has also helped the number of XRP transactions to soar. Data from Whale Alert indicate several huge trades amounting to 300 million XRP tokens.
The transactions mainly occurred between various associated with Ripple, like Bitstamp, Bittrex, BitGo, and Coins.ph.
The dominance of the market capitalization of XRP is also on a bullish rally after a fresh rise leading it to trade at 2.47%.
On-chain analysis indicates that it may experience a considerable upward run if it rises by 20%. With a circulating supply of 50 billion units, it may break above USD 13.28.
Meanwhile, XRP is trading at around USD 0.488 and has accumulated a 4.2% gain over the last week. While its daily trading volume is above USD 1.08, its market capitalization is about USD 24.53, according to CoinGecko.
By Alexander Salazar
