In the latest update, an XRP lawyer has revealed why Judge Torres is expected to reject SEC’s $2 Billion fine against Ripple. This new development is extremely positive for XRP, signaling a strong bullish trend. Let’s find out what it means to you.
Pro XRP Lawyers Took a Jab at SEC’s Weak Arguments
James Murphy, a pro-XRP lawyer known as MetaLawMan, believes that Judge Torres might reject the SEC’s proposed $2 billion fine against Ripple, which is seen as a significant win for XRP, indicating a bullish trend. Murphy questions the SEC’s argument that institutional investors suffered financial harm, challenging the validity of their request for disgorgement.
The SEC claims that institutional investors who paid a lower discount for XRP suffered from an inflated price, constituting pecuniary harm. However, Murphy doubts the interpretation of the facts in the case, suggesting a misreading of the Second Circuit’s statement in SEC v. Govil.
MetaLawMan doubts the SEC v iFresh case as a precedent for financial harm because the judge labeled it “NOT FOR ELECTRONIC OR PRINT PUBLICATION,” indicating its limited authority. Murphy says Judge Torres may reject the SEC’s motion owing to poor grounds.
In response, lawyer Jeremy Hogan emphasizes the importance of seeking permission from the appellate court before citing such cases, expressing hope that the judge will recognize this oversight.
SEC’s Stance on disgorgement
The SEC justified disgorgement by citing Ripple’s alleged securities law violations, mostly linked to the selling of unregistered XRP tokens. The SEC claims an injunction is needed to avoid future violations because Ripple plans to distribute more unregistered crypto assets under its new corporate structure.
Latest Update in Ripple vs SEC & Price Impact
Crypto influencer CryptoGeek suggests that the XRP lawsuit could be nearing its end, as a potential Ripple settlement could happen soon, with the judge releasing the final brief by May 20th. Plus, the XRP Ledger (XRPL) is poised to handle a significant $1 trillion trading volume in decentralized finance (DeFi), with the CTF token being the only XRP Ledger DeFi token in the top 10. Even though it is just a fraction of XRP’s market share, the CTF token could experience a substantial surge, potentially skyrocketing from $0.87 to $1937 effortlessly.
Despite legal uncertainties, the price of XRP has experienced a slight dip of over 2% in the last 24 hours, currently trading at just over $0.52. To recover from recent losses, XRP must overcome key resistance levels, notably $0.5582 and $0.5916, on its way to $0.60.
