With the deadline looming for the U.S. Securities and Exchange Commission (SEC) to appeal a court decision in the Ripple case, legal analysts predict a 75% likelihood of such action. Despite this, the SEC remains uncertain about its next steps. On the other hand, Ripple’s leadership is confident the case is settled and has no intentions to contest further.
Will the SEC File an Appeal?
The SEC has until October 7 to submit an appeal in the Ripple case, a window that is quickly closing. Recent activities, including the SEC’s focus on “cryptocurrency securities” in the Binance case and discussions in the Financial Services Committee, suggest the SEC may not pursue an appeal.
What Do Legal Experts Think?
Legal experts, including Ashley Prosper, believe the SEC is unlikely to appeal the classification of XRP as a security. Prosper highlights the SEC’s interest in maintaining its stance on secondary market sales of cryptocurrencies as securities, which could motivate an appeal. Meanwhile, former SEC attorneys Marc Fagel and James Farrell express confidence that the SEC will challenge the liability sections in the Ripple ruling, placing the odds of an appeal at 75%.
XRP’s market performance is under scrutiny, with its price stabilizing around $0.58 and a 14% rise in trading volume over the past day. Analysts predict the potential to reach $0.75 in October, contingent on surpassing current resistance levels. By 2025, XRP’s value might hit $1, supported by historical fourth-quarter trends and a projected Bitcoin rally, possibly driving the price to $2.
Recent speculation in the community was fueled by Ripple Chairman Chris Larsen’s substantial XRP transfer before the Ripple Swell event. The cryptocurrency shows promise for future growth, subject to market influences. Stakeholders are keenly watching both the SEC’s legal maneuvers and broader market movements.
Ripple’s outcome in court and market conditions will be pivotal in determining XRP’s path forward. Observers eagerly await the SEC’s decision and its ramifications for cryptocurrency regulations. The unfolding narrative promises to impact not only Ripple but the wider digital asset space.