Legal Experts Urge Elon Musk to Integrate XRP into X Payments After Ripple's Major Victory Against SEC

In a recent development that has sent ripples through the cryptocurrency world, eccentric tech billionaire Elon Musk has been urged by legal experts to incorporate XRP into his upcoming X Payments service. The call comes in the wake of Ripple’s significant legal victory against the United States Securities and Exchange Commission (SEC), which has been embroiled in a nearly four-year-long lawsuit against the blockchain company.

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A Golden Opportunity for Elon Musk

On August 8, Fred Rispoli, the founder of HODL Law, took to X (formerly known as Twitter) to point out what he sees as a “golden opportunity” for Musk. Following Ripple's courtroom triumph over the SEC, Rispoli encouraged Musk to “announce that XRP will be part of the X Payments platform,” positioning it as a bold move against the regulatory body.

“Run this through X Legal, and I bet Adam will agree with me,” Rispoli added, referring to the platform's legal counsel.

A Significant Victory for Ripple

On Wednesday, a judge ordered Ripple to pay a civil penalty of $125 million and ruled that the blockchain payments firm is “permanently restrained and enjoined” from violating U.S. securities laws. Considering that the SEC had initially sought $2 billion in penalties, Ripple’s executives hailed the ruling as a “victory” for the cryptocurrency industry.

While the SEC may appeal the historic July 2023 ruling after the judge issued the final verdict, Rispoli believes Ripple has secured a “huge win.”

“Overall, this is a HUGE victory for Ripple. While I’m surprised at the $125 million penalty, Ripple has made more than that just from XRP's price volatility in the last five minutes,” Rispoli commented on X.

With the newfound legal clarity brought about by the favorable ruling, Rispoli contends that Ripple-driven XRP could become a key component of the X Payments platform. Such an integration would not only legitimize XRP further but also buoy market optimism.

XRP Surges by 25%

Meanwhile, some market analysts speculate that the SEC and Ripple could now be quietly working together on a spot exchange-traded fund (ETF) based on XRP. For instance, a prominent trader, known online as Doctor Profit, suggests that an XRP ETF might reach the market before a product tied to Solana (SOL), despite popular belief.

The price of XRP has surged by double digits over the past 24 hours, leading gains across the cryptocurrency market. As of the time of writing, the token is trading at $0.6264, up 25% on the day. This marks the largest single-day gain for XRP since July 2023, when Judge Torres declared that XRP "is not a security in itself."

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If XRP can surpass the $0.66 threshold in the coming weeks, it will be well-positioned to challenge the elusive $1 mark and potentially reclaim its all-time high of $3.20, which was set back in 2017.

**Legal Experts Urge Elon Musk to Integrate XRP into X Payments After Ripple's Major Victory Against SEC**

Cryptocurrency lawyer Fred Rispoli has urged eccentric tech billionaire Elon Musk to add XRP to the upcoming X Payments service following the conclusion of the securities… pic.twitter.com/bmcLs9SJeZ

— Tư Mã Ý (@Dannaviet68) August 9, 2024

A very reliable source: @Dannaviet68

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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