Ripple vs SEC Lawsuit: SEC Poised for Last-Minute Appeal in XRP Case

The U.S. Securities and Exchange Commission (SEC) is inching closer to filing an appeal in the high-profile Ripple vs SEC case.

Former SEC attorneys, Marc Fagel and James Farrell, have expressed confidence that the regulator will most likely appeal Judge Torres’ rulings.

They argue that anything less than an appeal would weaken the SEC’s position on regulating digital assets, particularly XRP.

Currently, the SEC has two weeks left to submit its appeal. Meanwhile, tensions are rising within the XRP community, with speculation growing as the deadline approaches.

Attorney Fred Rispoli suggests the SEC remains uncertain about whether to move forward with the appeal, hinting that any decision may only be announced at the last moment.

Ripple has secured a stay order from the court, effectively freezing the $125 million penalty payment until the potential appeal is resolved

Elon Musk Urged to Integrate XRP on X Payment System

Attorney Fred Rispoli has also drawn attention to Elon Musk, arguing that the tech mogul missed an opportunity to take a stand against the SEC.

According to Rispoli, Musk could have integrated XRP into X (formerly Twitter) as a form of payment, a move that would challenge the SEC’s stance on XRP’s classification as a security.

Rispoli stated that Musk’s hesitation is “unexpected and atypical,” considering his reputation for defying regulatory authorities.

Meanwhile, Musk is currently under scrutiny by the SEC, facing potential sanctions for failing to appear in court.

The agency is investigating his $44 billion acquisition of Twitter, and could reprimand him for disregarding a lawful administrative subpoena.

XRP Price Forecast: Can XRP Break Above $0.60 Amid Ripple vs SEC Tensions

Despite the ongoing legal uncertainty, XRP has managed to surge in value. Over the past 24 hours, XRP’s price is holding under $0.60.

The 24-hour trading range saw a low of $0.580 and a high of $0.610, though trading volume has dipped by 25%, signaling reduced activity among traders.

Looking ahead, analysts predict a bullish breakout for XRP, driven by the upcoming Ripple Swell 2024 event and potential developments in the ongoing lawsuit.

If the appeal materializes, XRP could break through the $0.65 resistance level, setting the stage for further gains.

Key Takeaways:

• SEC Appeal: Likely to file within the next two weeks.
• Ripple’s Response: No plans to appeal; $125 million penalty on hold.
• XRP Price: Trading at $0.60, with potential to exceed $0.65 pending lawsuit developments.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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