With only 8 days left for the SEC to appeal against court ruling regarding the Ripple case, community heart beat is rising. People are divided into two segments: one believes the SEC will not file the appeal, while the other believes the SEC will file it at the last moment to extend the time. Let's discuss the details.
Filing an Appeal
There is a huge speculation that the SEC is not planning for an appeal as there are chances of Administration shift in November. If Trump comes into power, he might make a number of changes in the ways the SEC works. If the commission wanted to file an appeal, it would only take fifteen minutes, and then they would get another 70 days to file the actual brief. Hence, there is no meaning in waiting till the deadline.
Ripple Received Stay Order
The court has ordered a civil penalty to Ripple in its August ruling. The firm applied and received a stay on paying the $125 million penalty on September 4. The SEC wanted to impose a $2 billion penalty on Ripple Labs, however, the court dismissed this request. It rejected the SEC’s bid to disgorge the $876 million in profit from XRP sales. According to the court, disgorgement is only appropriate if there are identifiable victims who suffered pecuniary harm. The deadline for the SEC to appeal against this court ruling is October 6.
XRP Market Movement
Ripple’s XRP token has been in an uptrend since September 7, jumping around 21%. At the time of writing, the XRP token is trading at a price of $0.60224 and is struggling to claim a support above a major resistance at $0.60. On September 28, XRP rallied and broke the symmetrical triangle that started forming on July 18, 2024.
All community eyes are glued to see if the SEC will appeal the court ruling and how it will affect XRP price and position in the market.
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