Anyone investing into XRP should know about the Ripple Law Suit.  The high profile Lawsuit came into being when In December 2020, the Securities and Exchange Commission (SEC) announced they were initiating a lawsuit against Ripple.

The allegation was that the $1.3 billion raised by XRP in unregistered securities offerings was illegal.

This Lawsuit led to XRP getting delisted from Coinbase and several exchanges, until the lawsuit results were out.

The Lawsuit has been progressing through different stages to date.  On August 31, 2021, the SEC and Ripple are to submit their initial arguments and collect evidence. This is the process known as facts discovery, and it takes time.

The deadline to submit the argument and evidence was during June 14, 2021.  However, the SEC asked for an extension of the time. However, Ripple was not in agreement about the delay as they stated that this litigation provides an “existential threat to its business.”

More information is expected to unfold about what evidence both sides have. Thus, analysts believe that there will be price volatility seen on this date.

On October 15, 2021, expert discovery and expert witnesses will give their testimony, providing a clearer picture of the Lawsuit’s progress.

What will happen to Ripple? How they are set to survive after the proceedings is yet to be seen. However, cryptocurrency investors are watching the proceedings very closely.

This case is considered to be one that will set a precedent for future cryptocurrency cases.

Precedent refers to an official action or decision, which has happened in the past and is considered an example or rule to be followed in the same situation at a later point in time. Thus, the decision becomes the basis or reason for future decisions.

Technically, precedent refers to a court decision that will be considered to be an authority for deciding subsequent cases which will involve identical or similar facts or similar legal issues.

Precedent is incorporated into the “Doctrine of Stare Decisis,” and it requires courts to apply the law in the same manner to cases with the same facts.

So, the decisions that will dawn on Ripple are essential for the XRP community and the whole cryptocurrency space.

Precedent is advantageous because it promotes judicial restraint and thus limits a judge’s ability to determine the outcome of a case in a way that they might choose without precedent. As a result, bias might get done away with, and there will be more regulatory clarity