In a new development, a pro-XRP lawyer has shared some surprising information that could point to a victory for Ripple in its ongoing battle against the US Securities and Exchange Commission (SEC). This ruling in another case similar to what Ripple is currently battling with the SEC shows that there could be a positive outcome for the crypto company after all this.
A case similar to Ripple gets a good verdict
Attorney 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. The excerpt of the ruling posted by Hogan shows that the judge previously held that there was no liability on the part of Rio Tinto when “the sole basis for such claims is alleged misrepresentations or omissions”, something that is also present in the pronunciation. Ripple case.
Now, as expected, the SEC appealed Judge Torres’ verdict, but the interesting thing is that the appeals court upheld the verdict. The crypto company emerged victorious in this case, as the judge saw no evidence of liability for the scheme, saying that Rio Tinto alone “failed to prevent misleading statements from being spread by others.”
I was just reminded of a case where Judge Torres ruled against the SEC on an important issue, the SEC appealed, and the Court of Appeals ruled in favor of Judge Torres.
SEC v Rio Tinto.
Just don’t ask how long the whole process took. pic.twitter.com/4EPoU4mnhx
— Jeremy Hogan (@lawyerjeremy1) May 3, 2023
What makes this important is that Judge Torres is also the presiding judge in the Ripple v. SEC case and such a ruling on a previously similar case could also translate into a similar ruling for Ripple. If yes, then this is positive for the company.
What a win would mean for XRP
The Ripple v. SEC case has been dragging on for a few years now, which has had a negative impact on the price of XRP. In 2020, as the bull market started rolling around, Ripple was hit with a lawsuit in which the price of XRP crashed by more than 50%, and while other cryptocurrencies in the space posted new all-time highs the following year, XRP suffered greatly.
Even now, the token has yet to reach its full potential, but a Ripple win would turn the tide for this. An example of what impact such a win would have on price was in the first quarter of 2023, when CEO Brad Garlinghouse said he expected the case to close in the first half of 2023.
XRP price struggles at $0.46 | Source: XRPUSD on TradingView.com
The price of XRP soared on this news, reaching as high as $0.55 before correcting back down. However, it worked to show what such news could do to the price. It’s quite possible that a Ripple win would push the digital asset to a new all-time high.
As for whether the SEC would override such a judgment, Hogan responded to a Twitter user that he doesn’t think the SEC would appeal. He also cited two other attorneys familiar with the case who also believe the SEC would not appeal if Judge Torres ruled in favor of Ripple. However, this all remains to be seen.
At the time of writing, the price of XRP appears to be moving along with the overall market trend. It is trading at a price of $0.46, with a small increase of 0.43% on the 7-day chart.
