Pro-Ripple Lawyer Says SEC Winning Chances ‘Less Than 3%’

Paigambar Mohan Raj
Source: Coinpedia

Pro-Ripple lawyer, John Deaton, has said there is a less than 3% chance that the SEC will win its legal dispute against Ripple. The SEC vs. Ripple lawsuit has been ongoing since December 2020, over the alleged sale of unregistered securities, XRP.

According to the lawyer, there is a 25% probability that Ripple will outright triumph over the U.S. SEC. However, he mentioned that there is a 50% chance that Ripple will claim victory by “splitting the baby.” This is a ruling that is disadvantageous to both parties. In this case, Judge Torres might decide that XRP was sold as an unregistered security prior to 2018. However, in light of the Hinman documents, it’s possible that once cryptocurrencies become sufficiently decentralized, they could change from securities to commodities. The XRP community is keeping a close eye on the Hinman documents as they could be Ripple’s salvation.

Judge Torres will probably make a ruling by September 30 of this year, according to Deaton. Deaton highlighted that district judges are required to provide a “six-month list” to Congress. All summary judgments that have been pending for more than six months are on the list. The list is released on the final day of both March and September.

Furthermore, Deaton had already stated that the Ripple community should pay particular attention to June 13. Investors will learn on this day whether XRP was discussed by SEC employees before Hinman’s speech.

Will XRP hit $10 after a Ripple victory?

Deaton believes that XRP could reach somewhere between $2 and $10, upon a positive verdict for Ripple. The lawyer has previously said that XRP holders will be the biggest gainers from a positive ruling in the nearly 2-and-a-half-year-old lawsuit.

XRP is currently the biggest gainer among the top 10 cryptos in the weekly charts. The asset is up by 11.9% in the last seven days and by 3.1% in the last 24 hours. XRP is still down 84.14% from its all-time high of $3.40. However, if the Ripple lawsuit goes well, the asset could potentially see new highs. In fact, the verdict could also lead to a new crypto rally as it is anticipated to bring a lot of clarity to the industry, and to how digital assets will be governed in the U.S.