Ripple vs. SEC Lawsuit Verdict Imminent, XRP Price Could Reach $10, Former SEC Director

Ripple vs. SEC lawsuit draws closer to a verdict, and market watchers predict a surge in XRP price to $10 if Ripple wins. Adding to the excitement is a former SEC director who supports this expectation.

Will the Ripple-SEC case conclude in days? 

Ripple’s ongoing battle with the SEC will end soon, says a former SEC regional director and enforcement attorney.

More than two years in the making, the SEC-Ripple case is about to end.

Former Regional Director Marc Fagel of the San Francisco Regional Office of the SEC, told me a judge would rule on the XRP lawsuit soon. In response to a tweet, Fagel questioned the judge’s impartiality after the SEC withdrew its lawsuits before summary judgment. 

Additionally, the tweet said delaying the verdict could create further confusion and reinforce the perception that public relations influenced the judge.

Fagel said a court decision in the Ripple case may be coming soon, without speculating. Rather than any hidden motives, he thought any further delay would be caused by the complexities of the case.

In late 2020, the SEC sued Ripple, its CEO Brad Garlinghouse, and chairman Chris Larsen. By selling XRP, unregistered security, they illegally raised over $1.2 billion.

XRP community members were shocked by William Hinman’s recent materials. Legal counsel for Ripple argued that Hinman’s statement in 2018 that Ether, the token of Ethereum, was not a security created confusion and led Ripple and others to believe that XRP was similarly not a security as well.

Fagel highlighted the differences between Ripple’s case and other recent actions taken by the SEC. In his opinion, the judge is unlikely to discuss the Hinman documents or the secondary market trading issue. Nevertheless, the emails may be considered when determining the defendant’s liability.

XRP Attorney Highlights Ripple Lawsuit Mistake; Will XRP Surge to $10?

On Twitter, XRP holders’ lawyer John Deaton reminded everyone that charging individual executives with aiding and abetting in the lawsuit was a bad idea. He says neither Ripple executive would be considered reckless by a fair jury.

In addition to XRP, the SEC’s intense battle with Ripple has huge implications for the entire cryptocurrency industry. Chairman Gary Gensler has consistently said all cryptocurrencies, except Bitcoin, should be classified as securities.

The Commission intends to examine and regulate more crypto assets closely. The loss of the case would negatively impact cryptocurrency adoption, empower the SEC to take similar legal action, create instability in the market, and make ambitious crypto startups look elsewhere for better regulatory environments.

Early this month, Deaton said there was only a 3% chance that District Judge Analisa Torres would rule in the SEC’s favor.

As a result, Ripple’s win would increase trust and belief in cryptocurrencies, opening doors to new investments. In such a scenario, Deaton thinks Ripple’s XRP could skyrocket to $10 or higher.

The cryptocurrency market could get a big boost from this for Ripple. XRP would get a huge boost in value as investors flock to it.