Ripple‘s Chief Legal Officer, Stuart Alderoty, announced a pivotal development for the XRP community following the U.S. Securities and Exchange Commission’s (SEC) decision not to appeal a crucial court ruling. This ruling established that XRP is not classified as a security within the ongoing case against Ripple Labs, sparking a wave of optimism among XRP supporters.
What Issues Did the SEC Choose to Appeal?
The SEC’s appeal mainly targets Ripple’s XRP transactions across cryptocurrency exchanges and the actions of key executives, specifically CEO Brad Garlinghouse and Chairman Chris Larsen. Despite this, the agency did not challenge the $125 million fine imposed on Ripple, nor did it contest the reimbursement ruling currently in dispute.
What is Ripple’s Response to the SEC?
Alderoty emphasized that Ripple plans to counter the SEC’s actions and reiterated that XRP’s non-security status is now evident. His remarks were met with enthusiasm within the community, encouraging them to remain engaged with the ongoing developments.
The SEC’s choice to forego an appeal is seen as a positive sign, igniting predictions that XRP’s value might soar to $1.50 soon. Currently priced at approximately $0.55, XRP has experienced an 11% dip in trading volume over the last day, yet futures contracts are witnessing increased activity.
Legal experts have expressed concerns over the SEC’s new allegations against Ripple’s leaders, pointing out potential procedural missteps, such as missed filing deadlines. As Ripple navigates this complex legal landscape, the XRP community keeps a close watch on market trends.
- The SEC’s non-appeal bolsters community trust in XRP’s legitimacy.
- Price predictions suggest a potential rise to $1.50.
- Trading volume has decreased, but futures activity remains strong.
The evolving situation indicates that while uncertainty exists, the XRP market is poised for notable shifts, reflecting the community’s resilience and anticipation of positive outcomes.