The Ripple v. SEC case’s aftereffects on the XRP price haven’t been felt for almost two years. During the 2021 bull run, it was one of those cryptocurrencies that failed to establish a new ATH and lost all of the gains made at the time. In order to regain the lost levels above $1, the XRP price is currently on the verge of undergoing a U-shaped recovery.
Furthermore, the positive outcome of the lawsuit may boost sentiments surrounding crypto. Judge Torres recently overruled the SEC’s objection and ordered them to turn over Hinman’s documents. The SEC may, however, file another motion asking Judge Torres to reconsider her decision.
James K. Filan, the defense attorney, outlines a few possibilities for the pursuit of Hinman’s documents while taking into account both sides of the argument.
James K. Filan lists three actions that the SEC might take in the near future. First, SEC may request that Judge Torres revise her ruling. Second, instead of filing for reconsideration, they might ask her to certify an appeal of the judgment instead. Thirdly, they have the option of submitting a petition for a writ of mandamus directly to the court of appeals.
By withholding the documents or attempting the aforementioned actions. The defense lawyer, however, continues to hold that none of these may have an impact on the summary judgment schedule, which is anticipated to go into effect before the end of 2022.
The XRP price, on the other hand, has increased by more than 50% in the last seven days and counting due to the positive developments regarding the lawsuit. The price may resume its bull run once the Ripple vs SEC lawsuit reaches its conclusion.