As a seasoned crypto investor with over a decade of experience navigating the volatile and ever-evolving digital asset landscape, I find myself closely watching the unfolding drama between Ripple and the SEC. Having witnessed the ebbs and flows of numerous court battles, I’ve learned to read between the lines and anticipate the unexpected.
The time for the U.S. Securities and Exchange Commission (SEC) to potentially file an appeal in the ongoing Ripple lawsuit is quickly running out. Legal analysts monitoring the case suggest a high probability of 75% that the SEC may choose to appeal, but their final decision remains unclear. However, it’s been stated by Ripple executives that they have no intentions of appealing, indicating their belief that the lawsuit has concluded, and this stance is public knowledge.
However, there remains the possibility that the SEC could pull a last-minute appeal. Depending on what happens, this could significantly impact the XRP price with the appeal deadline winding down.
Ripple vs SEC Appeal Deadline Approaches
The deadline set by the U.S. Securities and Exchange Commission (SEC) for their decision on the Binance lawsuit regarding the definition and supervision of “crypto asset securities” falls on October 7. However, recent actions such as the agency’s filing in the lawsuit and testimony at a House Financial Services Committee hearing suggest that an appeal may not be likely.
As a crypto investor, I can say that Gary Gensler’s testimony has made it clear that the Securities and Exchange Commission (SEC) is focusing on secondary market transactions, particularly those involving Non-Fungible Tokens (NFTs). In his words, NFTs could be considered securities. This notion is further supported by recent actions such as the fine imposed on Flyfish Club for unregistered NFT sales and the Wells notice served to the NFT marketplace Opensea. These events underscore the importance of staying informed and ensuring compliance when investing in or dealing with NFTs.
Gensler is gone
— Mark Cuban (@mcuban) September 24, 2024
Ashley Prosper, who specializes in XRP, commented on the US SEC vs. Ripple Labs lawsuit. She stated that it’s unlikely the SEC will challenge Judge Torres’ ruling classifying XRP as a non-security. However, she suggested the SEC might continue to argue that resales of digital assets can be considered securities sales. This, according to her, is the only aspect they might attempt to appeal.
SEC Lawyers Confident Over Likely Appeal
In my analysis, I concur with the earlier report by CoinGape: former SEC lawyers Marc Fagel and James Farrell express high confidence about the filing of an appeal in the ongoing Ripple vs SEC case. Farrell specifically predicts a 75% likelihood that the SEC will challenge the liability portions of the case. If they are correct, we may anticipate that a Second Circuit ruling in favor of Ripple could have significant implications for other cryptocurrency cases. However, should the SEC decide not to appeal, it could potentially be detrimental to their agency’s position.
The movement of millions of XRP by Ripple’s Executive Chairman, Chris Larsen, prior to the Ripple Swell event fueled discussions and assumptions within the crypto community.
XRP Price Set to Rally to $2
This week, XRP‘s price has been mostly hovering around $0.58, with the current price being $0.588. The price range over the past 24 hours has been between $0.582 (lowest) and $0.594 (highest). Notably, the trading volume has seen a 14% jump in the last day, pointing towards heightened trader interest.
Experts forecast that XRP‘s price could surge by 25% to reach approximately $0.75 in October. But for this rise to happen, the price must initially drop below a specific support level before potentially rebounding towards $0.60 and then trending upward.
According to CoinGape’s report, the surge in XRP prices towards $1 could be fueled by the traditionally bullish fourth quarter. Traders may feel more optimistic due to the absence of election-related uncertainties and the Ripple vs SEC lawsuit not being a factor. Market analysts have set a price target of $1 for XRP based on market demand and supply trends during the bull run. Additionally, a larger Bitcoin rally in 2025 could potentially push XRP prices up to $2.
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2024-09-25 13:36