Recent developments in the Ripple vs. SEC lawsuit have stirred anticipation, particularly regarding the potential appeal of Judge Torres’ rulings. Speculations suggest that the U.S. Securities and Exchange Commission (SEC) might wait until the last moment to reveal its decision, fueling uncertainty within the XRP community.
SEC Likely to File Appeal
Former SEC lawyers Marc Fagel and James Farrell have expressed confidence that the SEC is likely to file an appeal in the ongoing case against Ripple. They believe that failing to do so could be detrimental to the agency’s position. The SEC has two weeks remaining to finalize its decision.
Tensions are rising in the XRP community as the deadline nears. Attorney Fred Rispoli, however, suspects that the SEC itself remains indecisive about whether to proceed with an appeal, suggesting that any announcement or filing will likely occur close to the deadline.
Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty have dismissed the idea of an appeal, stating that Ripple has no intention of challenging the rulings. The company has obtained a stay order, which halts the $125 million penalty payment to the SEC until the appeal process concludes.
In the ongoing Binance case, the SEC’s filing hinted at the possibility of not appealing Judge Torres’ summary judgment on XRP’s programmatic sales. Notably, Judge Torres did not issue a ruling on secondary sales, but she stated that “the programmatic buyer stood in the same shoes as a secondary market purchaser.”
Calls for Elon Musk to Integrate XRP into X Payments
Attorney Fred Rispoli suggested that Elon Musk, the CEO of X (formerly Twitter), has missed an opportunity to challenge the SEC. He proposed that Musk should enable payments on X, including XRP, which the SEC has failed to label as a security in court. Rispoli noted that Musk’s hesitation is “unexpected and atypical.”
The SEC recently sought sanctions against Musk for not appearing in court for testimony related to his $44 billion acquisition of Twitter, indicating the agency’s continued scrutiny over his actions.
XRP Price Rallies Amid Lawsuit Speculations
Despite the ongoing legal uncertainties, XRP’s price has broken above the $0.60 level, surging by 4% in the last 24 hours. Currently trading at $0.60, the cryptocurrency recorded a daily low and high of $0.580 and $0.610, respectively. However, a 25% drop in trading volume suggests a waning interest among traders.
A price prediction by CoinGape Media indicates a bullish breakout may be on the horizon, potentially pushing XRP past the $0.65 resistance level. This speculation is driven by anticipation surrounding the Ripple Swell 2024 event and the possibility of a favorable appeal outcome in the Ripple vs. SEC lawsuit.
