The XRP community is still anxiously awaiting a verdict in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). So far, all speculation about the supposed completion date has been wrong. The judge in charge, Annalisa Torres, is taking longer to deliver her ruling than many legal experts had expected based on previous proceedings.
However, this does not prevent attorney John E. Deaton, who is representing XRP Army in the legal case as an amicus curiae, from making a new prediction. On CryptoLaw’s latest broadcast, Attorney Deaton speculated that Judge Torres will issue a summary judgment on September 6, 2023.
ripple vs. SEC: Why September 6th might be the end date
In the live broadcast, the lawyer explains that he has tried several times in the past to predict the date of the judgment. For this, he took a look at Judge Torres’ past actions. The result was that Torres ruled at different speeds once a decision was made on the Daubert/expert proposal: sometimes it was on the same day, in others it was two, four, and six months later, respectively.
Based on this, Deaton predicted that Judge Torres would rule on May 6, by early June at the latest (average: three months). As a reminder, Torres ruled on Daubert’s claims in the case between Ripple and the SEC on March 6 of this year.
Now that those deadlines have passed, Deaton has come up with a new prediction: According to the attorney, Judge Torres will issue summary judgment a full six months later, on September 6 of this year. As Deaton also pointed out, the length of litigation between Ripple and the SEC is within the usual range so far and does not take longer than other cases.
In another comment, Deaton indicated that Judge Torres may delay the ruling because she understands the importance of the SEC case against Ripple. She knows that thousands of people, including the appeals courts, will review the summary judgment decision in the Ripple case. It also has 500 open cases for adjudication, of which 44 are criminal.
Ripple: waiting for the decision https://t.co/ty0LG3AASV
– CryptoLaw (CryptoLawUS) June 27, 2023
XRP price is losing ground
The delay in the ruling in the legal battle between Ripple and the SEC appears to have upset XRP investors. A look at the 1-day chart for XRP shows that the price is in a downtrend channel after the price failed to breach the $0.50 resistance on the higher timeframes in the past two weeks.
A breakout from the trend channel is crucial for a fresh impulse towards the $0.50 resistance. Currently, XRP is testing the middle line of the trend channel. A break below $0.4730 could mean a further decline towards the lower end of the trend channel at $0.46.
Featured image from iStock, chart from TradingView.com