Attorney Fred Rispoli recently assessed the odds of the SEC's win against Ripple during his appearance on the "Thinking Crypto" podcast. 

The probability of the SEC's victory will depend on the judgment who gets assigned the case in question. "And you could have an okay panel, you could have an amazing panel, or you could have a terrible panel," he said when commenting on the panel of three judges that will handle the appeal. 

"If there's a panel that has a long history of agreeing with the government on everything, SEC's chances go up. You know, there could be a 70, 80% chance that they're going to win," he stressed. 

Rispoli is convinced that Ripple has "all the tools" that are required to defeat the U.S. Securities and Exchange Commission. 

During an interview, he said that there's a lot of risks both for Ripple and the SEC.

"So, the answer is they're going to appeal everything they lost. And some of their arguments are going to be a little bit better received than others," he said. 

The programmatic sales is where it is critically important, and the lawyer expects the SEC to appeal that part. This is the most "dangerous" thing for XRP holders in the entire appeal process given that the legal status of the token will be targeted by the agency. The SEC's win could also be bad for Coinbase, Kraken, and other companies. 

In addition, the SEC is also likely to appeal the penalties that Ripple was ordered to pay as part of the final judgment. He predicts that the agency will try to get a higher fine. 

Meanwhile, Ripple will have to convince its clients and institutional investors to stick around throughout the appeal process, according to Rispoli.