Recent developments in the ongoing SEC case against Ripple are raising concerns about the future of XRP Coin. The SEC has filed an appeal ahead of the October 7 deadline, which could lead to a further decline in XRP’s value. As expected, the price has already dipped to the 0.5 mark, prompting speculation about whether XRP Coin will forfeit this bullish season due to the protracted legal proceedings.
What Challenges Does the SEC Face?
The SEC’s objective is to overturn a favorable court ruling for Ripple, a move that may jeopardize its position in the cryptocurrency market. The agency must navigate three significant hurdles, including:
- The ruling that XRP transactions on exchanges do not qualify as securities.
- A massive reduction of the penalty for institutional sales from one billion to 125 million dollars.
- A requirement to withdraw charges against Ripple’s executives.
How Long Will the Legal Process Last?
Stuart Alderoty, Ripple’s Legal Director, indicated in a recent interview that the appeal process could extend into July 2025, with the possibility of it dragging into early 2026. This prolonged timeline places additional pressure on XRP Coin, reminiscent of its struggles in 2021.
Key points regarding the Ripple case include:
- The SEC must submit its appeal details imminently.
- Ripple will provide a cross-appeal in two weeks.
- The briefing process could take the full 90 days allowed by the SEC.
- Overall proceedings could last until mid-2025.
The anticipated legal delays suggest that the market might experience continued volatility, potentially impacting XRP Coin prices significantly as the case unfolds.