It has taken almost two years, but the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) is almost over. Ripple has submitted its very last document to the judge, which is going now determine which of the two parties is more right.
The current state of the Ripple lawsuit
Over the weekend, Ripple’s team of lawyers submitted its final defense, according to a document released by XRP community-popular attorney James K. Filan. has linked. Ripple asks the judge for a favorable result, which means a settlement or a victory.
Many analysts expect that Ripple will not lose the case, and that there is even a reasonable chance of a win. The company has put its best foot forward for two years.
After all, the latter has long been involved in the matter, such as with the important Hinman e-mails. In this, former SEC director William Hinman allegedly stated that ethereum (ETH) and bitcoin (BTC) no securities (English: ‘securities‘), but that they actually have priority over the rest of the market. This would actually amount to market manipulation, because it gives these two coins an unfair priority over the rest.
In October, Ripple news reported that Ripple’s lawyers had finally obtained documents relating to the emails.
This is our final submission where we ask the court to grant judgment in our favor. After two long years, Ripple is proud of the defense we’ve mounted on behalf of the entire crypto industry. We have always played it straight with the Court. Can’t say the same for our adversary.
— Stuart Alderoty (@s_alderoty) December 2, 2022
Sell-the-news coming for XRP price?
The case has been going on since the end of December 2020 – almost two years. It has also been clear for some time that the SEC sometimes oversteps the mark. That means that bulls have already had ample time to buy, and this could be exactly a problem.
When Ethereum switched from Proof of Work nasty Proof of Stake with The Merge, the price fell shortly after. In that case too, investors had plenty of time to buy, so there was really no one left to buy. This could also be the case with Ripple’s XRP token. Whether this will happen remains to be seen, but unfortunately we cannot rule it out. Now that Ripple has submitted the last documents, the lawsuit is approaching its end, although it may still take quite a long time before that end actually comes.