As a seasoned analyst with over two decades of experience navigating the tumultuous waters of financial markets and regulatory battles, I find myself intrigued by the latest developments in the XRP lawsuit saga. Ripple’s Chief Legal Officer, Stuart Alderoty, has once again taken to the public stage to share his insights, and I must say, his optimism is infectious.
Discussion about the potential prolongation of the XRP lawsuit resurfaces, as speculation grows over the U.S. Securities and Exchange Commission (SEC) possibly challenging the court-imposed $125 million penalty on Ripple. However, Ripple’s Chief Legal Officer, Stuart Alderoty, suggests that the SEC only has a 10% chance of prevailing if they decide to appeal the decision.
The XRP Lawsuit Resolution in 24 Days
In his recent interview, Altderoty expressed confidence that the SEC is unlikely to win their appeal in the ongoing XRP lawsuit. He also mentioned that a resolution could be expected within the next 24 days. Ripple has indicated its willingness to cover the $125 million fine and bring a definitive end to this legal dispute.
Dear XRP Enthusiasts! The latest from @s_alderoty suggests that there’s approximately a 10% chance the SEC might prevail if they decide to appeal. In case they do, Ripple is prepared to pay the fine. We anticipate a resolution within the next 24 days. Let’s keep our spirits high – it’s time to celebrate! #XRP #Let’sFreakingGo
— Brett Hill (@Brett_Crypto_X) August 15, 2024
In simpler terms, Alderoty shared doubts about the Securities and Exchange Commission (SEC) choosing to appeal the court’s decision on XRP. He suggested that if the SEC made sensible decisions, it would not appeal, but given its history with cryptocurrency regulations, the SEC seems anything but rational, as expressed by Alderoty.
Ripple’s Chief Legal Officer (CLO), Brad Garlinghouse, indicated he expects the Securities and Exchange Commission (SEC) to file an appeal in the ongoing Ripple vs SEC dispute. However, it is worth noting that only a small fraction of appeals, less than 10%, in the Second Circuit have successfully overturned lower court decisions in the past. Nonetheless, Garlinghouse emphasized that the court’s decision still holds that transactions involving XRP in secondary markets do not fall under the classification of securities as per existing law.
XRP ETF on the Cards?
As the XRP lawsuit moves towards a resolution, there’s growing anticipation among market analysts for the potential approval of an XRP Exchange-Traded Fund (ETF). Notably, influential players in the market like Binance US have expressed interest in the future development of XRP, demonstrating their readiness to focus on the coin’s next phase of growth despite ongoing SEC litigation.
As an analyst, I observed a momentary spike in the value of XRP, aiming to break through the barrier of $0.65, immediately following the announcement of Ripple’s $125 million penalty. However, the overall market turbulence caused XRP to slip below the significant support level at $0.60, and as of the press time, it is steadily holding around $0.567.
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2024-08-16 10:41