The recent developments regarding a potential appeal in the Ripple vs SEC case revealed that the agency looks to appeal Judge Torres’ summary judgment on XRP. Pro-XRP lawyer John Deaton and other lawyers looked at the chances of the SEC winning the appeal on XRP programmatic sales.
Ripple Vs SEC Case: Can the Agency Win Appeal?
Speculation on an appeal filing by the U.S. Securities and Exchange Commission (SEC) has picked pace recently. A lawyer who recently left the SEC told Eleanor Terrett, a journalist at Fox Business, that the agency will “probably” appeal Judge Analisa Torres’ ruling from July 2023 in the Ripple vs SEC case.
John Deaton, pro-bono lawyer for 75K XRP holders, said judges have criticized the SEC for lacking faithful allegiance to the law. However, he added that the agency under Gary Gensler might just appeal, despite it being a total waste of taxpayer money.
“I don’t believe an appellate court will rule Judge Torres was in error in applying the 3rd prong. Judge Torres made her ruling very fact specific. The SEC did not rely on any expert testimony related to XRP holders (it was excluded anyway) but the Judge did rely.”
However, he claims that even if the Second Circuit Court ruled Judge Torres erred in applying the 3rd prong, the case will go back to Judge Torres. The SEC will lose the Ripple case again as the district court will rule that the SEC didn’t establish a ‘common enterprise‘.
Lawyer Points Out Only Way To Potentially Win the Case
Fred Rispoli agrees with John Deaton that the Torres ruling would be very difficult for the SEC to overrule. He believes the chances of the SEC’s winning the Ripple case will depend highly on three randomly selected justices who will hear it.
“If SEC drew 3 SEC-biased judges (rare but possible), it could win,” lawyer Rispoli said. He and other lawyers including Bill Morgan and Jeremy Hogan believe a last-minute notice of appeal filing by the SEC. Notably, the SEC not appealing the case will be a huge win for Ripple and XRP community, along with other litigants fighting the SEC in the 2nd Circuit court. They can argue that all secondary sales are not investment contracts.
XRP price will gain upside momentum. XRP price jumped 2% in the past 24 hours, with the price currently trading at $0.602. The 24-hour low and high are $0.585 and $0.610, respectively. Furthermore, the trading volume has increased by 21% in the last 24 hours, indicating a rise in interest among traders. XRP price analysis predicts a price target of $2.
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