As a seasoned researcher with over two decades of experience in the legal and financial sectors, I have witnessed numerous high-stakes legal battles. The XRP lawsuit saga is one that stands out due to its complexity and implications for the crypto market as a whole.
The XRP lawsuit case has shifted direction following the recent US SEC’s appeal. This new move suggests that the ongoing legal dispute between the blockchain company and the regulatory body could stretch out for a longer period of time. Several prominent attorneys predict that the courtroom fight won’t be wrapping up any time soon.
Nevertheless, during these circumstances, a former SEC attorney discloses a possible explanation for the U.S. SEC’s decision to appeal the case.
Expert On Ripple SEC Settlement In XRP Lawsuit
The XRP lawsuit has been one of the longest-running high-profile cases in the crypto market. Notably, Ripple has consistently remained committed to not settling over XRP’s security classification. Notably, the court has already ruled that XRP is not a security, sparking optimism in the market.
Nevertheless, some view the latest U.S. Securities and Exchange Commission’s (SEC) appeal as a strategic step aimed at contesting this decision. Moreover, the inclusion of Ripple CEO Garlinghouse and Chris Larsen in the appeal has ignited discussions not only within the XRP community but also throughout the broader cryptocurrency market.
In a more recent post on X, former SEC lawyer Marc Fagel expressed his belief that a settlement between the SEC and Ripple is improbable due to the ongoing appeal. He reasoned that any agreement reached now would not reverse the previous court decision, which had sided with Ripple in establishing XRP‘s status as a non-security asset.
In other words, until the SEC’s appeal is dealt with, any negotiations for a settlement are significantly hindered, as legal advisors believe that Ripple would have little motivation to reach an agreement – particularly if they anticipate a positive verdict.
Similarly, Cryptoinsightuk, a crypto analyst, opined that Ripple might opt for a settlement depending on the appeal’s verdict. Yet, Fagel swiftly dismissed this notion, emphasizing that Ripple has minimal benefits from settling at present. Instead, it appears that both parties are preparing for a prolonged court battle, with no swift resolution in the foreseeable future.
XRP Price Soars Amid Ripple Cross-Appeal Anticipation
Based on insights from market analysts, it’s anticipated that the Ripple could attract broad support in the ongoing XRP lawsuit. Furthermore, Ripple’s General Counsel Stuart Alderoty has criticized the US Securities and Exchange Commission following their latest appeal filing, hinting at a possible counter-appeal from the company in this case.
On the contrary, legal experts supporting Ripple believe that the ongoing Ripple-SEC lawsuit may stretch into late 2025 or even early 2026. This suggests that this drawn-out legal conflict is set to persist for a while longer.
Today saw a significant surge for XRP as its price reached $0.54, representing an over 2% increase. This rise was accompanied by a substantial 77% spike in trading volume to $1.08 billion. Intriguingly, during the past 24 hours, XRP peaked at $0.5454 and dipped to $0.5305. Data from CoinGlass also suggests that there’s a positive market sentiment surrounding XRP, as the Futures Open Interest has grown by more than 2%.
Simultaneously, even as the U.S. SEC contests its decision, crypto analysts remain optimistic about XRP. Furthermore, a current examination of XRP’s price trends indicates that it might reach the projected $277 mark within the near future.
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2024-10-07 21:15