Ripple Vs SEC Lawsuit: Last Minute Appeal By US SEC in XRP Case

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As a seasoned crypto investor with a knack for staying ahead of market trends and a keen eye for regulatory developments, I find myself intrigued by the unfolding events surrounding the Ripple vs SEC lawsuit. The possibility of an appeal by the SEC is not unexpected, considering their stance on XRP as a security.

Discussions about the Ripple vs SEC lawsuit’s recent updates suggest a potential plan to challenge Judge Torres’ rulings in the XRP case through an appeal. It has been suggested that the U.S. Securities and Exchange Commission (SEC) may wait until the last moment to make its decision known. Furthermore, ex-SEC lawyers have hinted at a high probability of the regulatory body filing an appeal.

US SEC To File Appeal in Ripple Lawsuit

Two former SEC lawyers, Marc Fagel and James Farrell, appear to have strong faith that the U.S. Securities and Exchange Commission (SEC) will indeed file an appeal in the Ripple vs SEC case. They believe that not doing so would be detrimental to the government agency. The SEC still has two weeks left to make this filing.

The tension within the XRP community persists as the date for appeals draws near. Yet, lawyer Fred Rispoli posits that the Securities and Exchange Commission (SEC) remains undecided about whether to file an appeal or not. Furthermore, he hinted that any announcement or filing could occur quite close to the deadline.

In simpler terms, Brad Garlinghouse (CEO of Ripple) and Stuart Alderoty (Ripple’s Chief Legal Officer) have stated that they do not plan to file an appeal in the ongoing lawsuit with the SEC (Securities and Exchange Commission). Additionally, the court has granted a temporary hold on the $125 million penalty payment to the SEC, which would be paid during an appeal if one were to be filed.

The SEC filing related to the Binance case suggests that there will be no challenge against Judge Torres’ decision regarding XRP‘s programmatic sales. It is worth noting that Judge Torres did not make a ruling on secondary sales, but instead stated that a “programmatic buyer” holds a similar position as someone purchasing in the secondary market.

Should Elon Musk Integrate XRP on X Payments?

Fred Rispoli stated that Elon Musk had a chance to challenge the Securities and Exchange Commission (SEC) more directly. By enabling payments on X, Musk could welcome all cryptocurrencies like XRP, which the SEC has not classified as securities in court, thereby potentially testing the boundaries of their regulatory oversight.

Speaking about cryptocurrency, Rispoli noted that while it is legally secure, there’s a sense of apprehension surrounding it due to its unpredictable and unusual nature compared to what Elon usually deals with.

The SEC seeking sanctions against Elon Musk for failing to appear in court for testimony in a probe over his $44 billion acquisition of Twitter. The agency could reprimand Musk for defying a lawful administrative subpoena.

XRP Price Breaks Above $0.60 Amid SEC v Ripple Lawsuit Appeal

In the past 24 hours, XRP‘s price increased by 4%, now standing at approximately $0.60. The day’s lowest and highest points were $0.580 and $0.610, respectively. Yet, there seems to be less enthusiasm among traders as the trading volume has dropped by 25% within the same period.

Additionally, predictions from CoinGape Media suggest a bullish surge for XRP could occur before the Ripple Swell event in 2024, possibly bolstered by developments in the Ripple vs SEC case. If this happens, it may help XRP surpass its resistance at $0.65.

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2024-09-22 00:26