As a seasoned researcher with years of experience following the intricacies of the crypto world, I can’t help but feel a sense of anticipation as July 31, 2024, approaches. Fred Rispoli, a respected pro-XRP lawyer, has once again staked his reputation on this date, predicting it to be a significant turning point in the Ripple Labs vs. SEC saga. While I’m not one to gamble, even by The Price Is Right rules, I must admit that Fred’s track record is impressive.
Lawyer Fred Rispoli, known for his pro-XRP stance, has again expressed on social media X that he stands firm by his earlier forecast that July 31, 2024, will be a pivotal moment in the ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC). In a recent post, Rispoli stated, “I’m rapidly running out of time to fulfill my prediction for the remedies ruling on July 31! #XRP”
Ripple-SEC Ruling Today?
The legal scenario is quite intricate, with a crucial motion pending. On April 29th, Ripple filed a “Motion to Strike” against recently presented expert materials by the SEC – testimonials and evidence from a new expert, Andrea Fox. This motion, yet to be decided by Judge Netburn, holds great importance as it could substantially impact the range of possible remedies and penalties.
If Judge Netburn rules in favor of Ripple on this motion, it could pave the way for Judge Torres to move forward without needing more decisions on this specific issue. However, as Rispoli suggested recently, the current motion doesn’t necessarily block a final decision regarding remedies and penalties. In fact, Judge Torres might make a ruling on these points before Judge Netburn rules on the motion.
The enthusiasm from the XRP community has been quite intense. User Alex Settino voiced firm agreement with Rispoli’s forecasts, prompting a response from Rispoli that combined gratitude and pragmatism: “Thanks for your faith, Alex. However, I abide by The Price Is Right guidelines, so if the decision was on 8/1 and my prediction was off by a day, I would still lose to anyone who predicted any date in August.”
The question of when a judgment will be handed down sparked heated debate among the community. When asked about Judge Torres’ estimated decision-making timeframe, Rispoli mentioned, “Some courts might take an entire year! However, rest assured, it won’t take that long here. I don’t foresee it extending beyond 3 months (which would be September at the earliest).”
Inquiries were made regarding the effects of external factors on this case and the Securities and Exchange Commission’s (SEC) overall strategy towards regulating cryptocurrencies. It was suggested that Judge Torres may be knowledgeable about the broader landscape, such as recent SEC challenges and criticisms faced under Gary Gensler’s leadership. However, these circumstances are unlikely to influence her judicial duties directly, according to Rispoli. He further explained that she might learn about it through discussions with other judges within her district, emphasizing that such communication among colleagues is common and acceptable.
Impact On XRP Price
The ongoing Ripple-SEC case remains influential over XRP‘s price, as it has experienced a notable 8.5% growth in the last day. In stark contrast, the majority of the top 100 cryptocurrencies by market capitalization are reporting losses at this time.
Additionally, there’s keen interest from market speculators regarding an alleged, yet undeniably, scheduled meeting happening on the 1st of August between Ripple and the SEC. This gathering is rumored to possibly result in a significant resolution.
Furthermore, a recent move by the SEC regarding Binance could potentially influence both the Ripple-SEC case and the XRP market price. According to Bitcoinist‘s latest report, the SEC has reconsidered its stance in the legal dispute with Binance, choosing to withdraw their demand for classifying tokens such as Solana, Cardano, and Polygon as securities.
In response, Brad Garlinghouse, CEO of Ripple, accused the SEC of inconsistency, saying “This seems to be another instance of the SEC’s contradictory actions. Chairman Gensler claims the rules are straightforward, but their application appears unpredictable and uneven, causing even more uncertainty within the industry. It suggests a political bias or misuse of legal tactics. This is hardly ‘loyalty to the law.'”
At press time, XRP traded at $0.65.
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2024-07-31 22:42