Cypto attorney Fred Rispoli has called on eccentric tech billionaire Elon Musk to add XRP to X’s upcoming payment service in the wake of the securities lawsuit the Securities and Exchange Commission lodged against Ripple finally ending yesterday after nearly four years.
Golden Opportunity For Elon Musk
In an Aug. 8 post on X, founder of HODL Law Fred Rispoli noted that Elon Musk has “a golden opportunity right now to legally say eff you to @secgov after its loss today to @ripple.” Rispoli urged Musk to “announce $XRP will be part of the @XPayments platform”.
“Run it through X legal, I bet Adam would agree with me,” the pro-XRP attorney added.
On Wednesday, a judge ordered Ripple to pay a $125 million civil penalty and said the blockchain payments firm was “permanently restrained and enjoined” from breaking US securities laws. As the SEC had previously requested $2 billion, Ripple execs called the ruling a “victory” for the industry.
Although the SEC could move to appeal the historic July 2023 ruling now that the judge has imposed final judgment, Rispoli believes Ripple scored a “huge win”.
“Overall, a HUGE win for Ripple. Although I’m surprised at the $125M hit, Ripple more than made that just on the price move in XRP in the last 5 minutes,” Rispoli commented on X.
With the newfound legal clarity that comes after the favorable ruling, Rispoli believes Ripple-promoted XRP can play a huge role on X’s payment platform. Such a move would further legitimize XRP and further boost market optimism.
XRP Jumps 25%
Meanwhile, some market pundits believe the SEC and Ripple could be currently working on an XRP-based spot exchange-traded fund (ETF) behind closed doors. One elite trader going by the online alias Doctor Profit, for instance, suggests that contrary to popular opinion, an XRP ETF will hit the market before a Solana (SOL) product does.
The price of XRP soared double-digits over the past 24 hours to lead market-wide gains. At press time, the token was changing hands at $0.6264, a +25% change on the day. This marks XRP’s largest daily return since July 2023, when Judge Torres declared it was “not a security in itself.”
If XRP successfully breaks above $0.66 in the coming weeks, it will be in a good position to retest the elusive $1 milestone before eventually reclaiming its 2017 all-time high of $3.20.
