- Legal experts think the SEC is likely to file a complaint, however, they are unsure of the final decision. This uncertainty creates problems for XRP.
- Ripple has confidence in its legal standing, and analysts predict a possible bullish breakout despite the looming court appeal.
The CNF has been following the appeal of Ripple by the SEC. highlighted Recent updates on the Ripple vs. SEC litigation suggest an appeal by the U.S. Securities and Exchange Commission is likely. According to legal experts, the SEC seems poised to challenge Judge Torres’ rulings on the XRP case.
James Farrell, a former SEC lawyer and Marc Fagel have both shared information on their X accounts. expressed confidence The SEC has stated that it will appeal the decision, and that if they do not then this would be a bad reflection on them. Two weeks remain before the SEC must submit its appeal.
#SECvRipple Update: The chances of a successful appeal are increasing. @Ripple This is not a… This is not a…1/2
— Fred Rispoli (@freddyriz) September 4, 2024
The XRP Community is becoming more anxious as the deadline nears. Fred Rispoli believes that the SEC could be undecided and wait to the last minute before making an announcement. Brad Garlinghouse’s, Ripple’s Chief Legal Office Stuart Alderoty and CEO Brad Garlinghouse have all confirmed Ripple will not appeal and secured a stay on the $125m penalty.
Interestingly, recent SEC actions in the Binance case suggest the agency may not appeal Judge Torres’ ruling regarding XRP’s programmatic sales, where the judge stated that buyers in programmatic sales were no different from secondary market purchasers.
Prices of XRP Surge Despite Legal Uncertainties
Trading volume is down by about 25%. This suggests that traders are less active. Analysts predict a bullish breakout as Ripple gets ready for Ripple’s Ripple Swell in 2024. XRP could be pushed beyond the current resistance of $0.65 if an SEC application is filed.
Ripple is currently trading at $0.5897, With a loss 1.09% The past 24 hours 4.92% Increase in the last week. Below is a chart showing the XRP prices.
Fred Rispoli, a legal commentator, suggested that Elon had missed an opportunity to provoke SEC. integrating XRP XRP, as well as other cryptocurrencies could be converted to X-payments. This would have provided legal protection since the SEC has not classified XRP a financial instrument.
Despite this missed chance, the SEC also pursues sanctions against Musk because he refused to testify during an investigation that is ongoing into his purchase of X.
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Source: www.crypto-news-flash.com
