XRP Price to Soar As Expert Says Ripple Vs. SEC Case is Over
Prominent lawyer Jeremy Hogan asserts that the ongoing SEC v. Ripple lawsuit is over amid recent developments in the legal tussle.
In a startling development, Attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, made an audacious declaration regarding the ongoing SEC v. Ripple lawsuit. The pro-XRP lawyer noted in a recent X post that the lawsuit is over.
“For all Intents and Purposes, the Ripple v. SEC case is over,” said Attorney Hogan.
“For all Intents and Purposes” the Ripple v. SEC case is over.
Yes, important hearings will be held in the coming months (deciding a judgment of up to $770 million is of course important).
But, YOUR time for hand wringing over this case is done. IMO.
🩳🧵
— Jeremy Hogan (@attorneyjeremy1) October 21, 2023
His assertion follows the SEC’s decision to drop its case against Ripple’s execs Brad Garlinghouse and Chris Larsen. Attorney Hogan said the decision suggests that the scheduled trial against Ripple’s execs will no longer be held.
He pointed out that the only issue left is the remedies, where important hearings will decide the judgment of up to $770M penalty.
Potential Outcomes of SEC v. Ripple
With the penalty stage expected to be held in the coming months, Attorney Hogan speculates that Judge Torres will issue a final judgment by next year.
The pro-XRP lawyer highlighted possible scenarios for the legal tussle. According to him, both the SEC and Ripple could settle before the final judgment or appeal to the Second Circuit after Judge Torres issues her final decision.
It bears mentioning that the SEC has already indicated plans to appeal the court’s summary judgment on programmatic sales of XRP and other distributions. The commission’s attempt to file an immediate appeal was denied earlier this month. Hence, if the SEC still wants to appeal, it will have to wait until the penalty stage has been resolved.
SEC Has 14.2% Chance of Winning Appeal
Interestingly, Hogan shared data showing that the SEC has a 14.2% chance of winning an appeal.
“And I think it’s fair to say that the manner in which the Judge wrote her opinion (very fact-based), at a minimum, does not increase that chance for the SEC,” he added.
However, if the SEC appeals next year and successfully gets a favorable Appellate Court ruling in 2025, Hogan said the higher court will remand the case back to Judge Torres for further judicial findings and other determinations.
Attorney Hogan pointed out that Judge Torres’ decision on other distributions did not consider whether the second and third prongs of the Howey Test were met. Furthermore, the top lawyer said the judge gave some credence to Ripple’s Fair Notice Defense during her decision on programmatic sales.
Same thing with Programmatic sales. IF the Appellate court agrees with the SEC, it would still have to send that issue back down to the trial court for further determinations.
FN 20 (for example) suggests that the Judge is given some credence to Ripple’s Fair Notice Defense. pic.twitter.com/KcTooYyynN
— Jeremy Hogan (@attorneyjeremy1) October 21, 2023
Hogan noted that if the judge gives a second round of judicial determinations, any aggrieved parties can again appeal the ruling up to the Appellate Court.
Notably, he shared a sequence the SEC needs to follow to win on appeal: Not settle, win on appeal at a 14% chance, endure more hearings, and win on another appeal.
The lawyer speculated that other factors like Congress enacting new acts and a potential regime change could play major roles in the lawsuit’s outcome.
SEC’s Odds at Winning on Appeal Drops to 2.3%
In a follow-up X post, Attorney Hogan noted that the SEC’s chance of winning on appeal has reduced to 2.367%. Per Hogan, the odds were reduced after he considered the SEC’s chances of surviving more litigation and maintaining the Ripple lawsuit into 2026.
I have now done the MATH and, taking into account the chance of a win on appeal, surviving more litigation, and still being able to maintain the lawsuit against Ripple into 2026:
The chance of the SEC winning is exactly 2.367%.
Same odds as the Jets winning the Super Bowl!
— Jeremy Hogan (@attorneyjeremy1) October 21, 2023
Meanwhile, all eyes are set on the SEC’s next move in the Ripple case. Multiple legal analysts, including Hogan, believe the SEC has only two options left: settle with Ripple or appeal the summary judgment ruling on programmatic sales and other distributions.
XRP Shows Bullish Signal Amid Latest SEC v. Ripple Update
As expected, crypto enthusiasts keep a close tab on XRP as the SEC v. Ripple lawsuit lingers. Consequently, we have provided an analysis of the XRP price.
XRP shows bullish signals following its 50-day and 200-day Exponential Moving Averages (EMAs). The convergence of the coin’s 50-day EMA on the 200-day EMA further amplifies the asset’s bullish sentiment.
At press time, XRP was changing hands at $0.52, up 1.4% over the past 24 hours, according to CoinGecko data. If XRP surges above $0.53, the subsequent resistance level will be around $0.5470.
However, if the coin breaks below the EMA, bears may likely target the $0.5042 support level, which puts the next support level around $0.47.