XRP news :The Ripple vs SEC lawsuit has entered a critical phase, with discussions around a potential appeal of Judge Torres’ rulings. An attorney close to the case suggests that the U.S. Securities and Exchange Commission (SEC) is unlikely to disclose its decision until the last possible moment. Former SEC lawyers believe that an appeal is highly probable.
Former SEC officials Marc Fagel and James Farrell expressed strong confidence that the SEC will file an appeal in the Ripple case. According to them, anything less than an appeal could damage the reputation of the government agency. With just two weeks left to submit the appeal, the SEC faces increasing pressure to act.
US SEC To File Appeal in Ripple Lawsuit
Former SEC lawyers Marc Fagel and James Farrell expressed strong confidence that the U.S. Securities and Exchange Commission (SEC) will likely file an appeal in the Ripple vs SEC case. They argue that failing to do so would reflect poorly on the agency. With only two weeks remaining to file, pressure is mounting.
The XRP community grows increasingly anxious as the appeal deadline nears. Attorney Fred Rispoli suggests the SEC may still be undecided on whether to move forward with an appeal, and any filing might be delayed until the last moment.
Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have denied any plans to appeal. Ripple also secured a court-ordered stay, which halts the $125 million penalty payment to the SEC while awaiting potential appeals.
A recent SEC filing in the Binance case hints that the agency may not challenge Judge Torres’ ruling regarding XRP programmatic sales. Although the judge ruled that programmatic buyers were not entering into investment contracts, she did not issue a ruling on secondary sales, only noting that programmatic buyers were similar to secondary market purchasers.
Should Elon Musk Integrate XRP on X Payments?
Fred Rispoli suggested that Elon Musk missed an opportunity to challenge the SEC by enabling payments on X (formerly Twitter), including cryptocurrencies like XRP, which the SEC has not officially labeled a security in court. Rispoli commented that Musk, known for being bold, is legally protected but seems cautious when it comes to the legal and regulatory complexities surrounding crypto, which is unexpected for someone with his reputation.
The SEC is currently pursuing sanctions against Elon Musk for failing to appear in court for testimony related to its investigation into his $44 billion acquisition of Twitter. The agency could potentially reprimand Musk for defying a lawful administrative subpoena, further escalating the tension between Musk and the SEC.
XRP Price Breaks Above $0.60 Amid SEC v Ripple Lawsuit Appeal
XRP price surged by 4% in the past 24 hours, reaching $0.60. The price fluctuated between a low of $0.580 and a high of $0.610. Despite the price increase, trading volume dropped by 25% over the same period, suggesting reduced interest among traders.
CoinGape Media’s XRP price prediction points to a potential bullish breakout as Ripple Swell 2024 approaches and anticipation builds around a possible appeal in the Ripple vs SEC lawsuit. This event could push XRP beyond the $0.65 resistance level, creating a positive market outlook.
Investors are closely watching Ripple’s legal developments, as any favorable outcome may drive further growth in XRP value. Ripple Swell, a major event in the Ripple ecosystem, is also expected to generate increased interest and speculation, adding momentum to the bullish trend.
As market sentiment remains cautious due to lower trading volume, analysts believe the combination of legal news and key events like Ripple Swell could reignite enthusiasm for XRP. A breakout past the $0.65 resistance would confirm the start of a stronger upward trend, with the potential to attract more traders and investors back into the market.
However, the low trading volume is a key indicator to watch. If it persists, it may signal waning interest, which could impact the strength of any upward movement. On the other hand, if volume picks up alongside price gains, this could support a sustained rally.
XRP remains a focal point in the cryptocurrency market, with both legal and event-driven catalysts potentially influencing its near-term price action.
