Since 2020, the US Securities and Exchange Commission (SEC) and Ripple Labs have been engaged in litigation. Both Ripple Labs and the SEC have submitted motions for summary judgment, and the situation is constantly tensing up, and there are fresh “twists” almost every week.
The Summary Judgement rulings in the Ripple litigation could take longer than anticipated, as explained by the XRP investor’s attorney. However, due to the fact that the case is stronger for Ripple, Crypto analysts anticipate a rise in the price of XRP, potentially to $1.
The SEC will be unable to satisfy its burden of proof “on at least one prong of the Howey test,” according to Hogan. Here, Deaton and the XRP investors have an important role to play and have been heard in court.
Hogan continued by outlining two requirements for the SEC to meet in order for the petition for summary judgment to be granted. In the beginning, it must “prove each element by the preponderance of the evidence AND prove that there is no genuine disagreement as to a substantial fact.”
With its own expert witness that links XRP price movements with market dynamics, particularly since 2018, Ripple responds to the SEC. Additionally, the business has 3,000 affidavits from Deaton and XRP holders who claimed not to have purchased XRP due to Ripple. According to Hogan, the SEC has gone nearly two years without proving its case.
By November 18, 2022, the XRP community expects a judgment on the SEC and Ripple’s petitions for summary judgment to be available. However, given the circumstances, they predict it might take much longer.
The Ripple lawsuit’s advisor, John Deaton, lists some important court dates. Response summaries are expected on November 15, 2022, according to Deaton. A seal will be applied to the response before it is sent. By November 21, the censored public copies will be made available.
As the SEC-Ripple court battle nears its conclusion, the XRP coin is gaining traction, and investors are ready for a bullish trend. Because of this, the XRP/USD pair is currently trading on the daily chart, with reasonable support close to US$0.4413 and support from an upward trendline. Furthermore, the 50-day moving average helps XRP maintain its price above $0.450.
Analysts and cryptocurrency aficionados feel that the XRP price boom is far from over, especially now that Ripple is getting closer to defeating the Securities and Exchange Commission (SEC).