Ripple vs. SEC Case: The Legal Battle Approaching Its Endgame?

The ongoing legal war between Ripple and SEC is anticipated to end as the agency submits the final reply brief and supporting exhibits.

The Ripple vs the Securities and Exchange Commission (SEC) case as of May 8, 2024, indicates the finalization stage as the SEC recently submitted its final reply brief. The filing is confidential, and both parties will conduct a final meeting to determine the necessary redactions.

Ripple vs. SEC Case: SEC Submitted A Final Brief

The ongoing legal war between the U.S. SEC and Ripple is about to finish, as the SEC has submitted its concluding response and supporting exhibits.

On May 8, TimesTabloid took to X to announce the final reply brief on the Ripple vs SEC case.

The details of the SEC’s document remain under wraps for now, but a redacted version is scheduled for release on May 8, 2024. Before this, Ripple and the SEC will collaborate to edit out any sensitive details.

Is It A Turning Point In Ripple’s Lawsuit?

In its preliminary brief, the SEC argued for a penalty nearing $2 Billion against Ripple, citing the company’s native token (XRP) sales to institutions as a breach of federal securities regulations. Also, Ripple suggested that the proposed penalty was excessive, offering to settle for no more than $10 Million instead.

Furthermore, legal experts predict that the SEC’s final submission will tackle Ripple’s counterarguments to the agency’s initial remedy suggestions. Appeal on the final ruling could extend the case to 2025. 

In December 2020, the SEC filed suit against Ripple Labs and its executives for violating federal securities laws and operating illegally in the crypto space. The company was also charged for using an unregistered security to raise funds.

Will XRP Hit A Double-Digit Price?

At the press time, XRP was trading at $0.521, after a drop of 3.34% in a day with a market cap of $28,751,312,988. Despite the recent surge in price, the token is still below its all-time high of $3.84. 

Armando Pantoja, a prominent crypto figure, believes that XRP will hit over $8 to $20, a staggering 3,557.6% surge from the current price, somewhere in 2026. He took to X to share his views on XRP’s price.

Pantoja’s predictions are based on factors including the Historic precedent powerhouse, market trends & utility explosion, institutional adoption tsunami, future financial services demand, and legal clarity.