In a recent Twitter conversation, members of the XRP community sought insights from Marc Fagel, a former lawyer, and SEC official, regarding the ongoing legal battle between Ripple and the SEC.
One community member raised a question about the SEC’s inclination towards a trial or potential settlement with Ripple, taking into account its broader lawsuits against Binance and Coinbase within the crypto industry.
I would love to hear a lawyers take on this. Let's just say she waits with her ruling until September. Wouldn't she intentionally encourage even more "greater confusion" ? @attorneyjeremy1 @freddyriz @JohnEDeaton1 @Belisarius2020 @AttorneySeal1 @Marc_Fagel
— Mr. Huber🔥🦅🔥 (@Leerzeit) June 15, 2023
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Ripple v. SEC Case Possesses Potential Implications
Fagel, an SEC veteran, responds to the ongoing Ripple case by acknowledging that while a settlement would not establish a legal precedent, it could carry significant implications.
However, he expressed doubts regarding the likelihood of a settlement, suggesting that if one were to occur, it should have happened already. Fagel also highlighted the contentious issue surrounding the impact of an injunction on future sales of XRP.
Fagel’s stance aligns with his previous statements reported by U.Today, where he predicted an imminent ruling in the SEC’s case against Ripple. He further noted that a recent unsealing order by Judge Torres indicated that the court had already determined its forthcoming decision.
When asked about the potential implications of Judge Torres’ decision to unseal certain documents, implying a possible avoidance of a trial, Fagel refrained from speculating. However, he pointed out that the unsealing of materials, such as speech materials typically presented during a trial rather than in summary judgment, indicates that certain aspects of the case are likely to proceed to trial.
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XRP’s Technical Condition on the Charts After This News {Intraday}
On the 17th of June, before Fegal’s comment became widely known, XRP displayed a notable pattern in its price movement. In particular, the XRP experienced a sudden and significant increase of 4% from its intra-day support level.
However, following the negative sentiment generated by Fegal’s tweet, the XRP price underwent an equivalent 4% drop, returning to the same intra-day support level. Therefore, the impact of Fegal’s tweet was clearly visible in the XRP’s price behavior, as it caused a reversal of the previous price movement and resulted in a notable drop in value.
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