Ripple‘s Chief Legal Officer, Stuart Alderoty, has conveyed encouraging news to the XRP community as the U.S. Securities and Exchange Commission (SEC) has opted not to contest Judge Torres’ ruling that XRP is not classified as a security in the case against Ripple Labs. This decision has sparked optimism among XRP supporters, leading to increasing hopes for a price surge towards the one-dollar mark.
What are the SEC’s Next Steps?
The SEC has decided to appeal aspects of the summary judgment related to Ripple’s XRP sales on cryptocurrency exchanges and the conduct of its executives, specifically CEO Brad Garlinghouse and Chairman Chris Larsen. The agency is requesting a review on these points but chose not to contest the previously imposed $125 million fine.
How is Ripple Responding?
In light of the SEC’s actions, Alderoty announced that Ripple will address the SEC’s filing, reiterating the stance that XRP is not a security. His message has encouraged the XRP community to stay patient as legal proceedings evolve, providing a much-needed morale boost.
The SEC’s decision not to contest XRP’s security status has fueled market enthusiasm, with analysts like Egrag Crypto forecasting a potential price increase to $1.50 soon. Presently, XRP trades at approximately $0.55, despite an 11% drop in trading volume over the last 24 hours. Conversely, XRP futures are seeing growth, with open positions climbing by over 2%, now totaling $770 million.
- The SEC’s appeal focuses on specific sales by Ripple executives.
- Ripple is committed to countering SEC’s claims and has increased community engagement.
- Market predictions indicate an optimistic price trajectory for XRP.
Although making precise forecasts about XRP’s market position remains complex, the recent developments have stirred anticipation for notable price movements in the near future.