As a seasoned crypto investor with a knack for navigating the choppy waters of regulatory battles and market volatility, I find myself intrigued by the ongoing saga between Ripple and the SEC. The recent partial victory for Ripple, while a step in the right direction, leaves me cautiously optimistic. The SEC has until October 7 to appeal the decision, and if history has taught us anything, it’s that regulators often like to play their cards close to their chest.
TL;DR
- Ripple secured a partial win against the SEC, but the regulator has until October 7 to appeal the decision.
XRP’s price holds steady at $0.59, with some predicting an astronomical surge in the near future.
What Could be Next?
The ongoing court case between Ripple and the Securities and Exchange Commission (SEC) continues, with Judge Torres deciding in August that the sales of XRP on secondary markets to individual investors were not classified as securities transactions. However, she instructed Ripple to pay a fine of $125 million for breaching certain securities laws.
Although the figure might seem significant, it’s important to note that it equates to an enormous 94% reduction from the Securities and Exchange Commission’s (SEC) original demand. This substantial discount has been widely hailed as a major triumph for Ripple, implying that the company will indeed pay the fine. However, some are skeptical, predicting that the agency may choose to challenge further. The date set for any such action is October 7th.
More recently, Eleanor Terrett (a journalist for Fox Business) reported that a former SEC lawyer communicated to her that the Securities and Exchange Commission is likely to challenge Judge Torres’ ruling from July 2023 regarding the XRP sales in the Ripple case. The attorney allegedly stated that there are strong convictions within the SEC that the decision was incorrect, not in line with good legal precedent, and should be overturned through an appeal.
Rumors about a possible action by the regulatory body ignited intense discussions on X, as numerous users expressed disagreement with this hypothetical situation. Prominent lawyer Jeremy Hogan contended that the SEC should carefully consider if such an appeal aligns with its mission of safeguarding investors and promoting capital growth.
“Why isn’t that top of mind? More evidence the SEC has lost the plot,” he added.
XRP Price Outlook
The ongoing legal dispute between Ripple and the SEC could potentially slow down XRP‘s progress as it attempts to keep pace with the current surge in the cryptocurrency market. At present, the value of XRP hovers around $0.59, which is quite similar to its price a week ago.
As a researcher, I’m finding myself aligning with the optimistic viewpoints of many analysts. For instance, JackTheRippler recently predicted that this coming October might prove to be a game-changer for token holders, potentially marking a significant bull run and reaching new all-time highs.
As a crypto investor, I’ve been following the predictions made by EGRAG CRYPTO, who recently expressed optimism about XRP. They suggested that the price could potentially soar as high as $13 in the upcoming months. However, such a significant rise would necessitate XRP’s market cap to exceed an astounding $670 billion. Given this astronomical figure, I find their forecast rather improbable, to put it mildly.
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2024-09-27 11:30