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Ripple vs SEC! Defence Lawyer James Filan Reaffirms March 31, 2023, for Summary Judgment

5 Nov, 20223 min readRegulation
Ripple vs SEC! Defence Lawyer James Filan Reaffirms March 31, 2023, for Summary Judgment

High-profile defence lawyer, James Filan, has made striking predictions on the Ripple Inc vs SEC lawsuit regarding the XRP’s programmatic sales.

According to Filan in a series of tweets, ‘District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023.’

The persistent and urgent question is how will XRP’s price react before, during, and after the lawsuit ruling. However, one thing is certain by now, XRP and XRPL will survive these headwinds and come out stronger than before. Moreover, the XRP market has remained in the top ten by market capitalisation in the past two years of active court hearings.

The case has been getting much more complicated by the day as more deep-pocketed crypto-related companies joined the lawsuit. The argument is the United States government wants to help its crypto companies thrive amidst competition from global digital assets-related startups.

Any "piece" of the Ripple case could be settled and the remainder left to be tried.Ripple has stated it wants clarity for the XRP token moving forward and that "piece" could be settled and the issue of Ripple's past sales could move forward to Summary Judgment or trial.— Jeremy Hogan (@attorneyjeremy1) November 4, 2022

XRP Price Revving for Major Volatility Despite the Ripple vs SEC Lawsuit

The XRP ecosystem has significantly grown in the past few years. The XRPL has been incentivising developers and DeFi projects to build on top of it. Coupled with the fact that XRP is still used for speculative purposes, market strategists forecast more uptrend volatility in future. Furthermore, the coin has gained approximately 18383.3 per cent in the past eight years alone.

Compared to coins like Ethererum and BNB, which have gained over 3000X in less than five years, XRP is highly undervalued based on its fundamental aspects. Notably, XRP is the fuel to the Ripplenet technology, which facilitates seamless cross-border payments between major global banks.

Through the ongoing lawsuit, Ripple is fighting for regulation clarity in the cryptocurrency and blockchain industry. Furthermore, they are nascent markets that require meticulous attention from lawmakers to avoid killing early-stage startups.

On the other hand, the SEC is fighting to bring sanity to the cryptocurrency industry, which has seen a huge number of investors lose their capital through hacks, and rug pulls.

While both the SEC and Ripple have a justified cause, United States Judge Torres is now left to make the final ruling. Meanwhile, the XRP price will likely continue trading sideways until a clear ruling is made regarding the Ripple vs SEC lawsuit.

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