It is quite possible that a Ripple victory will drive the digital asset to a new all-time high.
In a new development, a pro-XRP lawyer has shared startling information that could point towards Ripple’s victory in its ongoing securities battle against the US Securities and Exchange Commission (SEC). This ruling in another case that was similar to the one Ripple is currently fighting with the SEC shows that there could be a positive outcome for the crypto company after all this.
Ripple-Like Case Gets Good Trial
Lawyer Jeremy Hogan took to Twitter to share an earlier ruling by Judge Analisa Torres in another case involving a crypto mining company Rio Tinto and the SEC. In the ruling clipping posted by Hogan, it is shown that the judge previously ruled that there was no liability on the part of Rio Tinto when “the only basis for such claims is alleged misrepresentations or omissions”, something that is also present in the Rippled Case.
Now, as expected, the SEC appealed Judge Torres’ ruling; what is interesting, though, is that the appeals court upheld the ruling. The cryptocurrency company emerged victorious in this case, as the judge saw no evidence of liability for the scheme, saying that Rio Tinto only “failed to prevent others from disseminating misleading statements.”
What makes this important is that Judge Torres is also the presiding judge in Ripple vs. SEC and such a ruling in a similar previous case could also translate into a similar ruling for Ripple. If so, then this is positive for the company.
Meaning of Victory for XRP
Ripple vs. SEC has been dragging on for a couple of years, which has had a negative impact on the XRP price. In 2020, when the bull market was just starting to roll, Ripple was hit by a lawsuit that sent the price of XRP crashing more than 50%, and while other cryptocurrencies in the space hit new all-time highs in the next year, XRP suffered tremendously.
Even now, the token has yet to reach its full potential, but a Ripple victory would turn the tide on this. An example of the kind of impact such a price win would have was in the first quarter of 2023 when CEO Brad Garlinghouse said he expected the case to come to a close in the first half of 2023.
The XRP price skyrocketed on this news and peaked at $0.55 before correcting lower again. However, it worked to show what such news could do to the price. It is quite possible that a Ripple victory will drive the digital asset to a new all-time high.
As to whether the SEC would take such a judgment without doing anything, Hogan responded to a Twitter user that he doesn’t think the SEC would appeal. In addition, he cited two other lawyers familiar with the case who also believe the SEC would not appeal if Judge Torres ruled in favor of Ripple.
Nevertheless, all this remains to be seen. The XRP price seems to be moving along with the general market trend. It is trading at a price of $0.46, up less than 0.43% on the 7-day chart.
By Audy Castaneda
