Pro-XRP
lawyer
Fred
Rispoli,
founder
of
HODL
Law,
has
made
a
stunning
prediction
on
X
regarding
a
potential
verdict
in
the
Ripple
vs.
SEC
case.
Rispoli
noted
a
recent
filing
case,
specifically
Ripple’s

Notice
of
Supplemental
Authority
regarding
the
recent
Binance
decision
by
the
US
District
Court
for
the
District
of
Columbia.

The
court’s
decision
in
the
Binance
case
on
June
28,
2024,

ruled
that
the
SEC
had
not
adequately
demonstrated
that
secondary
market
transactions
of
BNB
tokens
constituted
securities
transactions.
This
is
particularly
relevant
for
Ripple,
as
it
draws
a
parallel
to
its
own
legal
challenges.

 

XRP
Lawsuit
Over
By
End
Of
July?

In
his
X
post,
Rispoli

noted,
“Just
got
a
notice
of
a
filing
in
SEC
vs
Ripple
case
and
my
heart
skipped
a
beat…but
don’t
worry,
no
ruling
just
yet.
It
was
Ripple’s
notice
to
Judge
Torres
of
the
Binance
decision
last
week.”

Ripple
has
argued
that,
similar
to
the
Binance
case,
the
transactions
involving
XRP
tokens
on
secondary
markets
do
not
meet
the
criteria
of
securities
transactions
under
US
law.
This
defense
hinges
on
the
application
of
the
“Howey
Test,”
a
legal
test
used
to
determine
whether
certain
transactions
qualify
as
investment
contracts.

In
a
conversation
with
Crypto
Moon
Amsterdam,
Rispoli
was
asked
about
his
expectations
for
the
ruling’s
timeline.
He
replied:

July
31,
although
I
could
see
her
doing
July
13
to
be
poetic.

This
comment
refers
to
the
significant
date
of
July
13,
marking
the
anniversary
of
a
crucial
2023
summary
judgment
by
Judge
Torres
that
declared
XRP
is
not
a
security,
which
significantly
influenced
the
market
price
of
the
digital
asset,
leading
to
a
dramatic
increase
within
hours
of
the
announcement.

The
progression
from
debating
the
security
status
of
XRP
to
discussing
the
financial
penalties
Ripple
faces
marks
a
critical
shift
in
the
lawsuit’s
focus.
Initially,
the

 

SEC
sought
penalties
amounting
to
$2
billion.
However,
after
various
legal
skirmishes,
the
SEC
has
significantly
lowered
its
demand
to
$102
million—a
figure
that
Ripple
still
finds
unacceptable.

Previously,
Rispoli
commented
on
the
potential
for
a
settlement
before
the
judgment,
noting,
“Pre-judgment
settlement
is
unlikely,
though
some
unresolved
arguments
could
still
be
negotiated.”

He
further

speculated
on
the
potential
penalty
for
Ripple,
“Less
than
$25M
penalty;
$0
disgorgement.
Judge
rules
all
sales
she
deemed
illegal
are
permanently
enjoined
and
rules
all
the
‘new’
contracts
referenced
by
Ripple
are
not
properly
before
her
so
SEC
will
have
to
sue
again
if
it
believes
these
violate
her
ruling.”

The
XRP
price
was
unaffected
by
the
news.
The
digital
asset
moved
in
line
with
the
broader
crypto
market
trend
within
the
last
24
hours.
XRP
is
slightly
down
by
-2.6%
in
the
last
24
hours,
accompanied
by
a
24%
rise
in
trading
volume.

 

At
press
time,
XRP
traded
at
$0.4764.

Featured
image
from
YouTube,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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