Will Ripple Settle with the SEC on June 14?

A crypto influencer recently claimed that a settlement had been reached between Ripple and the SEC in the pending lawsuit.

Recent speculation about a settlement

In a tweet today, attorney Bill Morgan responded to comments on emerging speculation regarding a potential settlement in the SEC versus Ripple case. WallStreetBulls, the writer behind a popular finance blog, claimed that an unknown source informed him of a settlement reached between the SEC and Ripple.

WallStreetBulls indicated that full details of the alleged settlement would be revealed on June 14, 2023. He added that the details of the agreement are strictly confidential and promised to make them public once he receives approval from his source.

These recent settlement rumors in the SEC versus Ripple lawsuit have elicited a backlash from members of the XRP community. In response to the development, lawyer Morgan questioned the reliability of WallStreetBulls’ source.

Morgan pointed out that if the source was actually reliable, this rumor would have had a significant impact on XRP’s price over the past 24 hours. However, such a significant price fluctuation has not occurred.

“How reliable is your source? If the source is correct, it’s hard to believe the market hasn’t reacted. At the very least, we would have seen an increase in the price of XRP in the last 24 hours.” – noted Morgan.

— Morgan

While XRP has shown solid gains over the past week, it doesn’t match the impressive gains one would expect from an upcoming settlement. The currency is up more than 10% in the past seven days and has broken the USD 0.50 resistance barrier. Nevertheless, a confirmed message of an imminent settlement would likely trigger an even bigger jump. At the time of writing, XRP is trading at around USD 0.511.

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Will the Hinman documents lead to a settlement?

As a result of XRP’s latest surge, speculation has surfaced, suggesting that increases are in response to developments surrounding the lawsuit. The latest rumor of a possible settlement adds to this speculation.

The recent revelations surrounding the ‘Hinman emails’ also contribute to the growing positivity surrounding XRP. These emails are related to a 2018 speech by former SEC official William Hinman about cryptocurrencies. The SEC’s request to keep these emails sealed has been denied by the court on the grounds that they are considered legal documents. However, these documents will be made public on June 14.

A large number of XRP supporters believe the SEC would be more inclined to settle with Ripple than allow the disclosure of Hinman’s emails. However, these speculations have been vigorously refuted by John Deaton, a lawyer with a strong pro-XRP stance.

Deaton has emphasized that the SEC is well aware that Hinman’s emails will be made public sooner or later. Despite the agreement with Ripple not to disclose Hinman’s emails, Deaton has underlined that other litigants, such as Coinbase, may also be able to request access to these documents.

Several rumors debunked

Numerous rumors have surfaced about a possible settlement in the Ripple lawsuit. However, these claims have been denied by prominent lawyers and journalists, including Deaton and Eleanor Terrett.

Last year, Terrett refuted a settlement rumor backed by Cardano founder Charles Hoskinson. Earlier this month, Deaton also dismissed a settlement rumor from crypto news platform Blockchain Daily.

Ripple has indicated that it is only open to a settlement with the SEC on the condition that the committee provides clarity on the regulations regarding XRP.

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