Altcoin
Lawyer Says SEC Appeal Ruling Unlikely Until 2026
There’s a major twist in the XRP lawsuit with Ripple requesting a stay order on the $125 million penalty payment to the US SEC. Popular attorney Fred Rispoli stated that there’s no need to freak out over the SEC appeal likely by October 7. He further added that the XRP Price action ahead won’t depend much on the Ripple vs SEC lawsuit.
Don’t Fret Over SEC Appeal in Ripple Lawsuit, Says Attorney
Popular attorney Fred Rispoli stated that there’s no need to panic over concerns surrounding a potential appeal in the SEC vs. Ripple case. He added that even if the court accepts the appeal, the ruling on the appeal won’t come until 2026, reducing its immediate impact.
Rispoli stated that the SEC’s recent lawsuits against exchanges and multiple securities allegations have reduced the significance of an appeal. The Attorney added that if Ripple or XRP faces challenges now, it won’t be due to the SEC appeal alone, signaling that other factors will play a larger role in the company’s future trajectory.
To those freaking out over possible #SECvRipple appeal: Don’t. There won’t be a ruling until 2026. SEC suing exchanges and alleging multiple tokens as securities has lessened the sting dramatically. If Ripple and/or #XRP don’t make it now, it’s not because of the SEC’s case.
— Fred Rispoli (@freddyriz) September 5, 2024
The likelihood of an SEC appeal in the XRP lawsuit has increased both parties have reached an agreement regarding the monetary judgment, said Rispoli. Under the new arrangement, the trust will hold 111% of the monetary judgment. The funds will only be released to the SEC either 30 days after the appeal deadline passes or once the appeal process has concluded.
Why Is XRP Price Not Reacting to Positive Developments?
Attorney Bill Morgan has also commented on the lack of impact on XRP’s price following significant announcements from Ripple. Despite Ripple announcing the introduction of smart contract capabilities to the XRP Ledger (XRPL), and plans to launch its USD-pegged stablecoin, RLUSD, in the coming weeks, the XRP price hasn’t shown any positive move.
Furthermore, Morgan also raised doubts over the application of the Howey test to XRP, questioning whether investors could reasonably expect profits from Ripple’s efforts, given the developments of recent years.
Just my observation, but neither the news that Ripple will bring smart contract capability to the XRPL nor that the RLUSD will go live in the next few weeks has impacted in any discernible way on the price of XRP. In terms of the Howey test not only would I question whether an…
— bill morgan (@Belisarius2020) September 4, 2024
The XRP price continues to flirt at $0.5535 levels down by 3.5% on the weekly chart despite some major announcements. On-chain data also shows the rise in the XRP short positions with analysts predicting another 15% crash from the current levels.
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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