As a seasoned crypto investor with over a decade of experience navigating the tumultuous seas of digital assets, I find myself both intrigued and somewhat exasperated by the ongoing legal saga between Ripple and the SEC. The proverbial tug-of-war seems to be entering its seventh year, and while the outcome remains uncertain, it’s clear that this prolonged battle is taking a toll on XRP‘s price volatility.
TL;DR
- The SEC must clarify its appeal in the Ripple case by October 17, with the full briefing process potentially extending to July 2025.
- Despite the ongoing legal battle, analysts remain hopeful about XRP’s future, especially if Bitcoin’s price rallies.
What’s Next?
It appears that the prolonged legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) shows no signs of resolution yet, as the regulatory body has chosen to challenge a 2023 judgment made by Judge Analissa Torres. In her initial ruling, she determined that the secondary transactions of XRP were not instances of securities sales.
Previously in the week, Ashley PROSPER from X had stated that the SEC should have disclosed by today, October 16, what they are actually contesting. Notably, this deadline coincides with the conclusion of Ripple Swell, the company’s annual significant event which took place this year in Miami, Florida.
In a recent conversation, well-known Fox Business journalist Eleanor Terrett interviewed Stuart Alderoty, the company’s Chief Legal Officer. During their discussion, Alderoty provided an overview of the timeline for appeals. As per Alderoty, the regulatory body has until October 17 to submit Form C, which will offer some insight into what they intend to challenge in the appeal.
Ripple will be given a seven-day window to submit their own Form C, containing further details about their own appeal process.
Following this, both parties will agree on a timetable for a briefing session. The Securities and Exchange Commission (SEC) will be given 90 days to submit their initial brief, and Ripple will respond promptly thereafter.
Alderoty anticipates they’ll use the entire 90 days, as the opening brief will provide a comprehensive explanation of all the legal arguments the SEC plans to present. According to Terrett.
As an analyst, I’m sharing some insights based on Ripple’s Chief Legal Officer’s statement. They anticipate that the full briefing process in our ongoing lawsuit will extend into July 2025. Some members of the X community have voiced their disappointment, as this protracted legal battle might prolong the existing uncertainty and potentially dampen the value of XRP due to price suppression.
XRP Volatility
The recent development concerning the Ripple vs. SEC lawsuit aligns with a volatile period for the company’s native cryptocurrency. Over the last week, it fluctuated between approximately $0.52 and $0.55, and currently stands at around $0.53 (as per CoinGecko’s statistics).
Regardless of the current situation, many experts anticipate bright days for XRP. In fact, a popular XRP user known as The Moon, with over 1.3 million followers, has stated that the asset is holding steady and could potentially regain bullish momentum if Bitcoin surpasses $67,000. It’s worth noting that Bitcoin briefly peaked at nearly $68,000 just yesterday, currently trading around $66,800 as we speak.
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2024-10-16 10:58