The SEC and Ripple are facing a crucial deadline of July 8 to present their revised motions on the contested sealing of certain parts of their briefs in the XRP lawsuit. Legal analysts note that the SEC is now keen on a swift resolution as the case appears to be increasingly unfavorable for the agency. A victory for Ripple could significantly boost XRP’s value.
Over the past year, the lawsuit has seen more activity after nearly three years of stagnation. The next key date is July 8, when both parties must submit their updated motions.
The latest contention involves a motion to seal some lawsuit information to protect Ripple’s business interests. Ripple argues that public disclosure of trade secrets could harm its partnerships and competitive edge. Predictably, the SEC opposed this motion. Now, both sides must revise their motions and resubmit them within 14 days. This could result in another setback for the SEC, adding to its list of courtroom defeats against Ripple. Initially, the SEC’s lawsuit aimed for a swift settlement and substantial fines, as achieved with other crypto firms.
However, Ripple has proven to be a formidable opponent. Nearly four years into the legal battle, Ripple appears poised for victory. Reports indicate that the SEC may settle for a financial penalty significantly lower than its original demand, potentially as low as $10 million from an initial $2 billion.
Future Prospects for XRP
The lawsuit has overshadowed XRP for years. Former Ripple executive Sean McBride highlighted that Ripple has secured numerous new partnerships and seen growing XRP adoption over the past year, yet its price remains suppressed, likely due to the ongoing lawsuit.
With the end of the lawsuit in sight, XRP investors are becoming increasingly optimistic. Major industry players, including Bittrue exchange and Emerge VC, are supporting the token. Emerge VC, which invests in Solana, Binance, Crypto.com, and Uniswap, recently emphasized Ripple’s transformative potential in cross-border payments, enhancing transaction speed, efficiency, and cost-effectiveness.
XRP currently trades at $0.4799, down 3% over the past week, with a market cap of $26.5 billion.
