In a new development, a pro-XRP attorney has shared some startling information that could point toward victory for Ripple in its ongoing securities battle against the United States Securities and Exchange Commission (SEC). This ruling in another case that was similar to what Ripple is currently fighting with the SEC shows there could be a positive outcome for the crypto firm after all of this.
A Case Similar To Ripple Gets Good Judgement
Attorney Jeremy Hogan took to Twitter to share a previous ruling by Judge Analisa Torres in another case involving a crypto mining company Rio Tinto and the SEC. In the cutout of the ruling posted by Hogan, it shows that the judge previously ruled 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 Ripple case.
Now, as expected, the SEC appealed the judgment by Judge Torres but the interesting thing is that the appellate court upheld the judgment. The crypto company emerged victorious in this case, as the judge did not see any evidence of scheme liability, saying that Rio Tinto only “failed to prevent misleading statements from being disseminated by others.”
I was just reminded of a case in which Judge Torres ruled against the SEC on a key issue, the SEC appealed, and the appellate court upheld Judge Torres.
SEC v. Rio Tinto.
Just don’t ask how long the whole process took. pic.twitter.com/4EPoU4mnhx
— Jeremy Hogan (@attorneyjeremy1) 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 judgment on a previously similar case could also translate to a similar judgment for Ripple. If so, then this is a positive for the company.
What A Victory Would Mean For XRP
The Ripple v. SEC case has dragged on for a couple of years now which has negatively impacted the price of XRP. In 2020 when the bull market was starting to roll around, Ripple was hit with a lawsuit that saw XRP’s price crash over 50%, and while other cryptocurrencies in the space went on to see new all-time highs in the next year, XRP suffered tremendously.
Even now, the token is yet to reach its full potential but a Ripple victory would turn the tide on this. An example of what kind of impact such a victory would have on the price was back in Q1 2023 when CEO Brad Garlinghouse said he expected the case to come to a close in the first half of 2023.
The price of XRP soared on this news and reached as high as $0.55 before correcting back downwards. However, it worked to show what such news could do to the price. It is entirely possible that a Ripple victory would push the digital asset to a new all-time high.
As for if the SEC would take such a judgment lying down, Hogan responded to a Twitter user that he does not think the SEC would appeal. Furthermore, he cited two other lawyers who are familiar with the case who also believe that the SEC would not appeal if Judge Torres were to rule in favor of Ripple. However, all of this remains to be seen.
At the time of writing, XRP’s price seems to be moving in tandem with the general market trend. It is trading at a price of $0.46, with a minor 0.43% increase on the 7-day chart.