Ripple-SEC Case 'For All Intents And Purposes' Is Over, Says Pro-XRP Lawyer

Ripple Labs' legal battle with the U.S. Securities and Exchange Commission (SEC) "for all its intents and purposes" was over, said a pro-XRP lawyer, preceding Judge Analiza Torres' formal dismissal of the charges against the blockchain firm's executives Brad Garlinghouse and Christian Larsen.

Ripple Labs' landmark victory against the U.S. financial regulator, followed by the dismissal of the charges against its top executives, seemingly suggests that the long legal battle of the blockchain firm against the SEC is finally over.

Pro-XRP lawyer Jeremy Hogan, who is also a partner at Hogan & Hogan, even offered an analysis of what would happen if the SEC attempts to appeal the case.

"'For all Intents and Purposes' the Ripple v. SEC case is over," Hogan said in a tweet, noting that while "important hearings will be held in the coming months (deciding a judgment of up to $770 million is of course important)," "YOUR (referring to the SEC) time for hand wringing over this case is done."

The lawyer explained that there would be no trial next year since the SEC already dismissed the rest of the case, and he expected that the court would issue its final judgment sometime in 2024.

"The SEC dismissed the rest of the case, so there will be no trial next year. The facts have been set - nothing new or surprising will be coming out. Which means the Court will be issuing a Final Judgment (probably) sometime next year. Only Ripple needs to worry about that," Hogan further said.

The pro-XRP lawyer explained the case could be settled before the court releases its final judgment, but added that statistically speaking, if the SEC tries to appeal the decision, it has a "14.2% chance of winning on appeal."

Moreover, Hogan said, "Unlike on TV, a lot of legal cases end with a whimper and drag on for a year after the main issues have been locked in. And I think that's what we will see here."

"I have now done the MATH and, taking into account the chance of a win on appeal, surviving more litigation, and still being able to maintain the lawsuit against Ripple into 2026: The chance of the SEC winning is exactly 2.367%. Same odds as the Jets winning the Super Bowl!"

On Monday, Judge Torres of the U.S. District Court in New York officially signed an order dismissing the charges brought by the SEC against Ripple's leading figures.

"IT IS NOW STIPULATED AND AGREED, pursuant to Fed. R. CGv. P. 41, by and between undersigned counsel, that the claims alleged by Plaintiff Securities and Exchange Commission against Defendants Bradley Garlinghouse and Christian A Larsen, for aiding and abetting Defendant Ripple Labs, Inc.'s ("Ripple") violations of Section 5 of the Securities Act of 1933 with respect to Ripple's offers and sales of XRP in 'Institutional Sales' (see ECF No. 874), are hereby dismissed in their entirety, with prejudice and without costs or fees to either party," the court order read.

XRP, the native currency of Ripple Labs, was trading up at $0.553 as of 7:13 a.m. ET on Tuesday, with a 24-hour trading volume up by 104.59% at $2,005,373,194 -- representing a 4.41% increase in the last 24 hours and a 12.8% loss over the past seven days.

XRP's total circulating supply stands at 53,441,027,384 XRP, with its value down by 439% at a $29,561,207,138 market cap, according to data from CoinMarketCap