Fred Rispoli, a prominent pro-XRP lawyer, has once again taken to X to reinforce his earlier prediction that today—July 31, 2024—would mark a significant turning point in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). Just yesterday, Rispoli posted, “I’m running out of time to hit my 7/31 prediction for the remedies ruling! #XRP”
Ripple-SEC Ruling Today?
The legal situation is notably complex. The proceedings are complicated by a pending motion. On April 29, Ripple submitted a “Motion to Strike” against new expert materials introduced by the SEC – declarations and exhibits from a new expert witness, Andrea Fox. This motion, still awaiting a decision from Judge Netburn, is pivotal as it could significantly influence the scope of remedies and penalties.
Should Judge Netburn decide in favor of Ripple on this motion, it would potentially clear the path for Judge Torres to proceed without additional rulings on this issue. Nevertheless, as Rispoli speculated a few weeks ago, the pending motion is not necessarily an impediment to a final decision on remedies and penalties. Indeed, Judge Torres might issue a ruling on these aspects before Netburn’s ruling on the motion.
Engagement from the XRP community has been fervent. User Alex Settino expressed unwavering support for Rispoli’s predictions, to which Rispoli responded with a mix of appreciation and realism: “Appreciate that, Alex. Unfortunately, I play by The Price Is Right rules so even if the ruling is on 8/1 and I was off by a day, I went over and lose to anyone that had an August prediction.”
The timing for a ruling became a topic of intense discussion among users. When queried about how long Judge Torres has to make her decision, Rispoli noted, “I’ve seen some courts take a whole year! But don’t worry, won’t take near that long here. I can’t see it being longer than 3 months (which would be September at the latest).”
Questions about external influences on the case and the broader SEC’s approach to crypto regulation were also raised. Rispoli indicated that while Judge Torres is likely aware of the broader context, including recent SEC setbacks and criticisms of its approach under Gary Gensler’s leadership, these would not directly impact her judicial responsibilities. “She hears about it via conversations with other judges in her district. They all talk. And nothing wrong with that either,” Rispoli explained.
Impact On XRP Price
The Ripple-SEC case continues to exert a significant impact on the XRP price which has seen an 8.5% increase in the past 24 hours. This surge contrasts sharply with the performance of the entire rest of the top 100 cryptocurrencies by market cap which are currently writing red numbers.
Moreover, market speculators are closely eyeing a rumored but unconfirmed meeting set for August 1 between Ripple and the SEC, believed by some to potentially lead to a breakthrough settlement.
Additionally, another development may currently impact the Ripple-SEC case as well as the XRP price. As reported by yesterday, the SEC recently took a significant step back in its legal battle against Binance by withdrawing its request to have tokens like Solana, Cardano, and Polygon classified as securities.
In response, Ripple CEO Brad Garlinghouse criticized the SEC, stating “More evidence of SEC hypocrisy. Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion. A political agenda and/or bad faith litigation tactics. Definitely not a ‘faithful allegiance to the law.’”
At press time, XRP traded at $0.65.
Featured image created with DALL.E, chart from TradingView.com
