Ripple and its XRP community are currently celebrating a crucial milestone following an extensive legal battle with the U.S. Securities and Exchange Commission (SEC). While this partial victory brings some relief, the entire conflict has not yet concluded. As the SEC’s appeal deadline draws closer, tensions are escalating, leaving the crypto world on edge.
SEC’s Next Move Under Scrutiny
The SEC has yet to initiate an appeal in its case against Ripple, even though a final ruling on August 7, 2024, declared XRP not to be a security. This decision has sparked diverse reactions within the cryptocurrency community and stirred speculation about the SEC’s forthcoming actions.
To date, the SEC’s silence has only heightened uncertainties surrounding its next move. Several experts speculate that recent judicial criticisms directed at the SEC could complicate any decision to appeal.
Ripple CEO’s Firm Stand
Amidst the ongoing uncertainty, Ripple CEO Brad Garlinghouse addressed the potential for an SEC appeal during his speech at Korea Blockchain Week. Garlinghouse asserted that the SEC lacks grounds to overturn the decision, which has somewhat mitigated concerns on Ripple’s end.
Additionally, Garlinghouse suggested that the SEC’s stance on cryptocurrencies could shift following the upcoming U.S. elections. He believes the lengthy legal battle might soon conclude. Renowned crypto advocate Bill Morgan also opined that the SEC faces an uphill battle, particularly considering global regulatory approaches and the court’s ruling that XRP is not a security.
Price Fluctuations of XRP
XRP has experienced smaller value losses compared to the broader crypto market, largely due to speculation regarding the SEC’s potential appeal. Currently, XRP trades below its 50-day moving average but remains above the 200-day average, illustrating a mixed performance.
What Should Investors Consider?
• If the SEC decides to appeal, XRP might dip below $0.40.
• Without an appeal, XRP could potentially surge towards the $1 mark.
• Current trading estimates place XRP around $0.55, with increased trading volumes.
• Market value presently stands at $30.9 billion, despite a recent 3% drop.
These insights offer valuable considerations for investors navigating the volatile landscape around XRP.
In conclusion, while Ripple and its XRP community revel in their partial win, the looming SEC appeal decision keeps the future uncertain. Investors and crypto enthusiasts alike are keenly watching for what unfolds next.
