Ripple looks poised to win its lawsuit. The only question is how big of a win it will be.
The SEC vs Ripple lawsuit has consumed a full calendar year and naturally, many holding XRP – one of the biggest yet most controversial crypto assets on the market today – are worried that the court case might take up all of 2022 as well.
However, some new evidence appears to suggest that it might just be possible to guess when SEC vs Ripple will wind to a close.
Pens at the ready?
In a filing related to its pending class action, dated 23 February 2022, Ripple reportedly agreed with a new date of 18 November 2022. The current date as written on the report was 26 August 2022.
Sharing the filing online, Attorney Jeremy Hogan used this to propose that the San Francisco-based blockchain company might be expecting the SEC vs Ripple Labs lawsuit to be over by that time.
While investors might be excited by this news, it’s important to remember that delays and extensions have been a dominant part of the lawsuit. With the pandemic still a major roadblock, XRP holders shouldn’t consider 18 November a hard deadline.
What’s more, Hogan commented that the case could end with a settlement at any time.
However, many investors are looking at the big picture. The ruling on SEC vs Ripple has the potential to either expand or limit the enforcement powers of the SEC when it comes to regulating other crypto companies and assets.
Adding to that, there’s been a lot of buzz after Ripple CEO Brad Garlinghouse gave an interview to Fox Business news. There, he shared that he was looking forward to some court decisions “sooner rather than later.”
XRP investors following the news took this as a positive sign, as the slow pace of the lawsuit has been painful for many. In fact, even Ripple’s general counsel previously criticized the SEC for reportedly stretching the case in their own favor.
At press time, XRP was the sixth biggest crypto by market cap. It was trading at $0.7267 after falling by 2.23% in the past 24 hours, but rising by 0.89% in the past week.
Meanwhile, data from Santiment revealed that weighted sentiment was -0.484. However, despite the continued fall in price, the weighted sentiment was not too far below zero. This suggests that investors were not very shocked by the latest price drop.
Ripple looks poised to win its lawsuit. The only question is how big of a win it will be. If it settles, it will likely pay less than the $1.3 billion (plus interest) the SEC wants. If it wins at trial, then it may go home paying out nothing. Either way, this is a good sign for XRP holders, as cryptocurrencies depend on continual development and support from the organizations that maintain them.