July 31, 2024, has been highlighted as a significant date by Fred Rispoli, a leading pro-XRP lawyer, who has reiterated his earlier prediction regarding the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC).
Potential Decision on Ripple-SEC Case Today
The legal proceedings are intricate due to a pending motion filed by Ripple on April 29, called the “Motion to Strike,” against new expert materials introduced by the SEC. This motion, awaiting a decision from Judge Netburn, could impact the extent of remedies and penalties in the case.
If Judge Netburn rules in favor of Ripple on this motion, it could pave the way for Judge Torres to proceed without further deliberation on this matter. However, the pending motion might not stall a final decision on remedies and penalties, as speculated by Rispoli.
The XRP community has actively engaged in discussions on these developments. There is strong support for Rispoli’s predictions, although he acknowledges the uncertainty in predicting the exact timing of the ruling.
There are queries on the duration for Judge Torres to make a decision, with Rispoli indicating a timeframe of up to three months at most.
Concerns have been raised about external influences on the case and the SEC’s broader stance on crypto regulation, with Rispoli suggesting that Judge Torres is aware of these factors but they do not directly impact her judicial role.
Impact on XRP Price
The Ripple-SEC case continues to influence the XRP price, with a recent 8.5% surge in the past 24 hours amid a bearish trend in other top 100 cryptocurrencies.
Market speculators are monitoring a rumored meeting on August 1 between Ripple and the SEC, believed to have the potential for a settlement breakthrough.
Another notable development is the SEC withdrawing its request to classify tokens like Solana, Cardano, and Polygon as securities, prompting criticism from Ripple CEO Brad Garlinghouse.
At the moment, XRP is trading at $0.65.
