Attorney Rispoli predicts that the lawsuit between the SEC and Ripple will end next month. Meanwhile, XRP on-chain activity fuels hopes for a price rally as the SEC and Ripple decision looms.
The best birthday present: The verdict of the Ripple lawsuit
cryptocoin.comAs you follow, members of the XRP community are speculating about when Judge Analisa Torres will issue a summary judgment in the SEC and Ripple case. More than six months have passed since the parties made their final summary judgment submissions in December 2022. However, the presiding judge of the case still has not made the much-anticipated summary judgment.
Legal experts and XRP communities await the verdict. Meanwhile, attorney Fred Rispoli estimates a potential deadline for the lawsuit. Rispoli arrives at this date using key statistics on Judge Torres’ model of summary judgment. Attorney Rispoli notes that Judge Torres’ rate of summary judgment (MSJ) for defendants is 37%. By contrast, Rispoli says the judge’s rate of awarding MSJs for Plaintiffs is 24%.
According to the pro-XRP attorney, the average time from application to decision for Judge Torres’ MSJ decision is 249 days. It should be noted that the parties submitted their petitions for the summary decision on 17 September 2022. Meanwhile, lawyer Rispoli states that 60% of Judge Torres’ summary judgment decision is in the 146 to 330 days range. As a result, 249 days from September 17, 2022 (the date the SEC and Ripple filed their summary decision petitions), the decision was supposed to come out on May 21, 2023. However, lawyer Rispoli states that this date has passed. So it ignores this date as we are in July.
Ultimately, attorney Rispoli sets a potential decision date for the SEC and Ripple case. According to Attorney Rispoli, the Judge will likely make a decision on August 10, 2023. He arrives at this date by calculating 330 days from September 17, 2022. That’s the longest Judge Torres has waited to deliver a summary judgment. Lawyer Rispoli has an interesting reaction to this prediction. Because he says he will probably get the best birthday present of his life on August 10, 2023. In particular, this is possible if the judge decides in favor of Ripple on August 10.
XRP on-chain activity grows
According to data from crypto intelligence tracker Santiment, daily active addresses in XRP increased from 17,554 addresses to 142.38 thousand in the past week. Thus, it increased about seven times. This year, similar spikes were followed by altcoin price rallies. In addition, gains ranging from 10% to 40% were made within two to four weeks after the increase in network activity.
If history repeats itself, a bullish breakout in XRP price is likely in the short term. As you can see in the chart above, XRP daily addresses were bullish on March 19, from May 27 to May 29, and from June 23.
On-chain other metrics are also bullish
XRP’s transaction count and transaction volume have increased over the past week. These are other on-chain bullish indicators that support a price rally thesis.
As you can see in the chart above, increases in the number of transactions acted as a precursor to price rallies, similar to the increase in daily active addresses. It is possible for these catalysts to push the XRP price higher in the short term.
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