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Last Minute Appeal By US SEC in XRP Case

Published

2 hours ago

September 21, 2024

The latest developments regarding the Ripple vs SEC lawsuit have indicated deliberations on an appeal against Judge Torres’ rulings in the XRP case. An attorney argues that the U.S. Securities and Exchange Commission (SEC) will not reveal its decision until the last minute. In addition, former SEC lawyers claim an appeal filing by the regulator is most likely.

US SEC To File Appeal in Ripple Lawsuit

Former SEC lawyers Marc Fagel and James Farrell seemed most confident about an appeal by the U.S. Securities and Exchange Commission in Ripple vs SEC case. They assert that anything less than an appeal will be bad for the government agency. The agency still has two weeks to file the appeal.

Tensions continue to grow in the XRP community as the appeal deadline gets closer. However, attorney Fred Rispoli believes the SEC is still unclear about whether to appeal or not. Also, he suggested that any announcement or filing might come close to the deadline.

Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty have denied any intention to appeal in Ripple vs SEC lawsuit. The company has also obtained a stay order from the court, holding the $125 million in penalty payment to the agency until appeal.

The SEC filing in the Binance case has hinted at no appeal against Judge Torres’ summary judgment on XRP programmatic sales. Notably, the judge did not issue a ruling on secondary sales, but stated that “programmatic buyer stood in the same shoes as a secondary market purchaser.”

Should Elon Musk Integrate XRP on X Payments?

Fred Rispoli said Elon Musk has missed an opportunity to poke the SEC in the eye. Musk should enable payments on X, allowing every crypto such as XRP that the SEC has failed to label a security in the court.

“Legally protected but afraid. Unexpected and atypical for Elon,” Rispoli added talking about the scrutiny and legal aspects of crypto.

The SEC seeking sanctions against Elon Musk for failing to appear in court for testimony in a probe over his $44 billion acquisition of Twitter. The agency could reprimand Musk for defying a lawful administrative subpoena.

XRP Price Breaks Above $0.60 Amid SEC v Ripple Lawsuit Appeal

XRP price jumped 4% in the past 24 hours, with the price currently trading at $0.60. The 24-hour low and high are $0.580 and $0.610, respectively. However, the trading volume has decreased by 25% in the last 24 hours, indicating low interest among traders.

Moreover, an XRP price prediction by CoinGape Media indicates a bullish breakout ahead of Ripple Swell 2024 and potential appeal in Ripple vs SEC lawsuit, potentially driving the coin past $0.65 resistance.