- Legal experts believe the SEC will file an appeal, but the regulator remains undecided, creating uncertainty for XRP.
- Ripple is confident in its legal position, and analysts foresee a potential bullish breakout for XRP despite the looming appeal.
Following the development of the SEC’s appeal against Ripple, CNF highlighted its effect has put the XRP community on edge, current updates in the ongoing Ripple vs. SEC lawsuit suggest that an appeal from the U.S. Securities and Exchange Commission (SEC) is expected. According to legal experts, the SEC seems poised to challenge Judge Torres’ rulings on the XRP case.
As shared on his X account, former SEC attorneys Marc Fagel and James Farrell have expressed confidence that the SEC will file an appeal, emphasizing that not doing so would reflect poorly on the regulator. The SEC has two weeks left before the deadline to submit the appeal.
#SECvRipple Update: Well, the odds have increased of an appeal. @Ripple and SEC have agreed to an arrangement where 111% of monetary judgment will be held in trust, to be paid to SEC only on (1) 30 days after appeal deadline or (2) after appeal concludes. This is not a…1/2
— Fred Rispoli (@freddyriz) September 4, 2024
As the deadline approaches, the XRP community is growing anxious. Attorney Fred Rispoli speculates that the SEC remains undecided about the appeal and could wait until the last minute to make an announcement. Meanwhile, Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have confirmed that Ripple does not plan to appeal and has secured a stay order on a $125 million penalty until further proceedings.
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.
XRP Price Surges Despite Legal Uncertainty
However, the trading volume has dropped by 25%, hinting at decreased activity among traders. Analysts are predicting a potential bullish breakout for XRP as Ripple prepares for its Ripple Swell 2024 event. The possibility of an SEC appeal could push XRP beyond its current $0.65 resistance level.
As of today, Ripple (XRP) is trading at $0.5897, with a loss of 1.09% in the past day and a 4.92% increase over the past week. See XRP price chart below.
Additionally, legal commentator Fred Rispoli suggested that Elon Musk missed a chance to provoke the SEC by integrating XRP and other cryptocurrencies into X payments, a move that would have been legally protected given the SEC’s failure to label XRP a security.
Nevertheless, despite this missed opportunity, the SEC is also pursuing sanctions against Musk for his refusal to testify in an ongoing investigation into his acquisition of X.
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