Ripple-SEC Legal Battle Reaches Critical Juncture: Ruling Expected Today, August 1, 2024

• Prominent XRP lawyer Fred Rispoli emphasized his prediction about a key development between Ripple SEC lawsuit, with a potential remedies ruling expected soon.
• The SEC lawsuit against Ripple has significantly affected XRP’s price, which remains volatile. Any settlement in the case could trigger a major price rally.

In a recent post on X on July 31, prominent XRP lawyer Fred Rispoli stressed his earlier prediction which would bring a major turn to the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). “I’m running out of time to hit my 7/31 prediction for the remedies ruling! XRP,” he wrote.

Earlier this year on April 29, Ripple submitted its “Motion to Strike” against the newly introduced expert materials by the US SEC. This motion still awaits judgment from Judge Sarah Netburn and would be pivotal as it can significantly influence the scope of penalties as well as remedies.

If Judge Sarah Netburn decided in favor of Ripple for this motion, it would clear the path for Judge Torres to proceed without any additional rulings on this matter. XRP lawyer Rispoli speculated recently that the pending motion won’t necessarily impede a final decision on the remedies and penalties. Judge Torres might issue a ruling on these aspects before Netburn rules on the motion.

Alex Settino from the XRP community expressed strong support for Fred Rispoli, responding to which the XRP lawyer said:

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.

When asked about how long will it take for Judge Torres to take a call, Rispoli said:

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).

The XRP Price Action

The SEC Ripple lawsuit has had a significant impact on the XRP price over the past few years. Per the Crypto News Flash report, XRP’s volatility is at a record low on a multi-year timeframe, and any settlement in the case could lead to a parabolic rally going ahead.

Earlier this week, the XRP price rallied to $0.65 amid strong backing by the bulls, per the CNF update. However, amid the broader market sell-off, the XRP price is down 7.05% as of press time trading at $0.6032 with a market cap of $33.7 billion.

Furthermore, market speculators are keeping a close watch on an unconfirmed meeting between the SEC and Ripple on August 1. Many believe that this meeting could lead to a settlement in the XRP lawsuit. As reported by Crypto News Flash, the SEC recently retreated in its legal battle against Binance by withdrawing its request to classify tokens like Solana, Cardano, and Polygon as securities