The SEC vs Ripple lawsuit might be nearing its end, with the SEC submitting its final legal response.
The SEC seeks to limit Ripple's future actions and prevent "more securities violations", even if Ripple hasn't broken any laws so far.
Ripple believes that the SEC is misinterpreting the law and that the lawsuit is baseless.
In other news, XRP's price might be near a bottom with analysts seeing a possible price increase for XRP.
September could be a pivotal month for XRP as the legal battle is expected to end
The legal battle between Ripple Labs and the US Securities and Exchange Commission has raged on for more than four years now, seemingly with no end in sight.
However, as it stands, there might be an end in sight from here.
The SEC has just submitted its final legal response during the lawsuit’s remedy phase, marking a pivotal moment for this dispute that has raged on for years.
To begin with, the major points in the SEC’s most recent filing implore the court to impose further injunctions to stop Ripple Labs from committing “future violations”, despite Ripple’s stance that it has done nothing wrong, and the court's dismissal of its "fair notice" defense.
The battle may be coming to an end, but the war rages on.
So far, the SEC isn’t convinced about Ripple’s willingness to follow securities laws in the company’s future dealings.
Recall that the SEC sued Ripple Labs in 2020 for the 2013 XRP Initial Coin Offering, as well as how the company made an alleged $1.3 billion in its sale of these tokens.
So far, the SEC maintains that even if Ripple has followed the law in the past, it still doesn’t eliminate the possibility of occurrences in the future.
Pulling the wool over the judge’s eyes
In response, Ripple's Chief Legal Officer, Stuart Alderoty took to Twitter, to criticize the SEC and its "failings to faithfully apply the law and trying to pull the wool over the Judge's eyes".
The XRP and crypto community at large remain on edge, waiting for the final judgement that both parties believe might happen in September.
Meanwhile, a top analyst believes that XRP might have just hit a bottom against Bitcoin, and is primed to outperform the pioneer cryptocurrency.
The legal battle has been the worst thing for the price of XRP in the last four years.
So far, Coingecko data shows that the cryptocurrency has declined by around 14% over the last month, and risen by less than 20% over the last year—which is a relatively meagre price increase compared to the rest of the market.
XRP’s historical prices
According to analyst, Charting Guy, XRP just printed a buying signal against Bitcoin, according to the Bullseye indicator.
Tony Severino of CoinChartist responded to this tweet, confirming Charting Guy’s analyses and stating that there is now a strong signal for an XRP/BTC bottom, which is sparking interest from retail and large investors alike.
Buy signal on XRP
According to Coingecko, the cryptocurrency trades at around $0.5216 at the time of writing. And TradingView data shows strong signs of a possible rally to $0.75 or higher, as long as we see a break above $0.57 soon enough.
Overall, as Ripple navigates the rough weather of lawsuits and legal battles, the outcome of this case is set to affect the price of the cryptocurrency significantly, from now until the September timeframe.
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