The ongoing legal battle between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) has been a subject of keen interest for the crypto community. The latest development in this case, as shared by Attorney Jeremy Hogan on Twitter, has further reinforced Ripple’s chances of a favorable verdict.
Not only that, but the possibility of a win for Ripple could have significant implications for the entire cryptocurrency industry.
According to Hogan, Judge Torres previously rendered a verdict against the SEC in a matter involving mining firm Rio Tinto, and the appellate court upheld her decision despite the SEC filing an appeal. The ruling determined that scheme liability does not arise where alleged misrepresentation or omissions are the sole basis of such claims. This update has generated a lot of buzz among the XRP community, and many are optimistic about the outcome of the Ripple-SEC lawsuit.
A win for Ripple against the SEC could lead to increased regulatory clarity and more relaxed regulatory environments for digital assets. It could also provide more clarity on what constitutes a security in the context of crypto. These developments could lead to increased adoption and demand for XRP, which could potentially result in a rise in its price. The XRP coin is currently trading at $0.47, and a favorable ruling for Ripple could potentially push its price beyond the key resistance level of $1.
However, it is important to note that there are no guarantees as to what Coinbase, the leading cryptocurrency exchange, would do in the event of a favorable verdict for Ripple. Hogan highlighted that Coinbase has been showing signs of inconsistency and may not immediately relist XRP. Nonetheless, the XRP community remains optimistic about the future.