The crypto community remains on edge as the appeal deadline for Ripple vs SEC gets closer. The SEC has remained silent on its intentions for an appeal, leaving XRP below last year’s high.
Lawyers' Opinions on Potential SEC Appeal
Pro-crypto lawyer Fred Rispoli recently increased his odds to 60:40 in favor of the SEC filing an appeal. He said Elon Musk has missed an opportunity to poke the SEC in the eye. Musk should enable payments on X, allowing every crypto such as XRP that the SEC has failed to label a security in the court. With the October 7 appeal deadline looming, investors may consider the SEC’s silence regarding an appeal as XRP positive. However, there is a chance that the SEC could file an appeal at the last minute. Former SEC lawyers Marc Fagel and James Farrell appeared most confident about an appeal by the U.S. SEC. They claim that anything less than an appeal will be bad for the government agency. The agency still has two weeks to file the appeal.
Uncertainty Surrounding XRP
Pro-crypto lawyer Jeremy Hogan shared his views on the possibility of an SEC appeal, stating, “Most likely the SEC just hasn’t decided whether it will appeal yet. Why? Filing a Notice of Appeal takes only 15 minutes (you file the Notice and then have 70 days to file the actual brief). If the decision to appeal was already made, there’s no reason to delay filing the Notice – especially when you think it’s bad case authority out there.” Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty have denied any intention to appeal in Ripple vs SEC lawsuit. The company has also obtained a stay order from the court, holding the $125 million in penalty payment to the agency until appeal. The contrasting views about an SEC appeal add to the market uncertainty, casting an effect on the XRP’s price action.
Current XRP Price
Price trends linger on whether the SEC appeals rulings from the Ripple case. If the SEC appeals, XRP may fall below $0.40. Conversely, if the SEC does not file an appeal, XRP could approach $1.00, mirroring the market’s response to the Programmatic Sales ruling. XRP price jumped 4% in the past 24 hours, currently trading at $0.60. However, the trading volume has decreased by 25% in the last 24 hours, indicating low interest among traders.
The situation surrounding a potential SEC appeal in the Ripple case keeps the market tense, influencing XRP's price. Investors continue to monitor developments, awaiting the SEC's decision.
Comments