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- Expert Attorney Jeremy Hogan declares the SEC vs. Ripple case essentially concluded, following the SEC dropping charges against Ripple executives.
- Potential legal outcomes and their implications on XRP’s market behavior dissected, providing a comprehensive analysis for investors.
Prominent legal expert, Attorney Jeremy Hogan of Hogan & Hogan, has voiced a compelling perspective on the prolonged legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, suggesting that the intense legal saga is nearing its conclusion. Hogan’s statement comes in light of recent pivotal developments in the case, creating a buzz in the cryptocurrency community.
The Ripple vs. SEC Saga: Nearing the Finish Line
In an unexpected twist, Hogan revealed his belief that the case has reached a critical juncture, following the SEC’s decision to withdraw its allegations against Ripple’s top executives, Brad Garlinghouse and Chris Larsen. This move, as Hogan interprets, indicates a significant shift, suggesting that the anticipated trial against Ripple’s leaders may no longer proceed. The focus now turns to the remedies phase, with major hearings anticipated to finalize the judgment, which could potentially amount to penalties up to $770 million.
"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
As the crypto-legal community speculates, Hogan outlines possible scenarios in the ensuing legal drama. He anticipates that a final judgment could be delivered by Judge Torres in the next year, with potential for a settlement between the SEC and Ripple prior to the judgment, or an appeal to the Second Circuit post-judgment. The SEC, showing intentions to appeal particularly on aspects related to programmatic sales of XRP, now awaits the conclusion of the penalty stage to proceed.
Hogan, delving into statistical realms, assigns a 14.2% probability for a SEC victory in the event of an appeal. He notes that the meticulous, fact-based approach taken by Judge Torres in her previous opinions does not bode well for increasing the SEC’s odds.
As the legal tussle continues, Hogan also highlights other external factors such as potential legislative actions by Congress or a regime change, which could significantly influence the outcome of this landmark case.
XRP’s Market Reaction: A Technical Analysis
In light of these legal developments, the article transitions to provide a technical analysis of XRP’s market behavior. With bullish indicators emerging, as seen in the convergence of the 50-day and 200-day Exponential Moving Averages (EMAs), XRP is positioned at a crucial juncture. Currently trading at $0.52, a slight increase of 1.4% in the last 24 hours, the cryptocurrency shows potential for further gains, with resistance levels identified at $0.53 and subsequently at $0.5470.
Conversely, should XRP face downward pressure, breaking below the EMA, the article identifies potential support levels, cautioning investors to be vigilant.
As the cryptocurrency world keenly watches the unfolding of these events, this article serves as a comprehensive guide, elucidating the intricate legal proceedings and market implications, ensuring readers are well-informed and poised to navigate the volatile crypto landscape.
