Altcoin

What Could XRP Lose or Gain?

Published

4 weeks ago

October 19, 2024

Ripple vs SEC battle extends to the end of 2025 as the US Securities and Exchange Commission (SEC) decides to appeal district court rulings. Ripple plans to cross-appeal the arguments by the regulatory agency as it continues to threaten the crypto industry with regulation by enforcement approach. Meanwhile, traders brace for impact as XRP price moves sideways this week.

Ripple SEC Lawsuit Appeals Filed in the Second Circuit Court

The U.S. Securities and Exchange Commission finally filed its Form C related to appeals in the Ripple lawsuit. Form C is an appeal pre-argument statement required by the US Court of Appeals.

The appeal against Judge Torres’ ruling gets heated comments from Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty as the XRP army claimed the agency has missed the deadline. Moreover, the SEC is accused of missing the Form C filing deadline and back dating the document.

Notably, the SEC has appealed the summary judgment on Ripple’s XRP sales through crypto exchanges, distribution to employees and others by the firm, and XRP sales by CEO Brad Garlinghouse and Executive Chairman Chris Larsen.

The Gary Gensler-led government agency has started attacking the crypto market on secondary sales after recent losses in the lawsuit, Binance, and other lawsuits. Crypto executives including Stuart Alderoty slammed SEC and Gensler for their approach and overreach.

The secondary market for this ticket doesn’t make it a security—just like trading crypto doesn’t. Not every market is a securities market. pic.twitter.com/qTGlyIHrul
— Stuart Alderoty (@s_alderoty) October 19, 2024

How It Will Impact XRP Price?

While the long-running U.S. SEC v Ripple Labs lawsuit has impacted the XRP price rally, some experts believe the appeals will continue to make an impact for a few years. However, price predictions by analysts and recent developments by the company indicates otherwise.

Recently, Ripple has introduced crypto custody for banks and financial technology firms. Also, the company is near to launch its RLUSD stablecoin, with numerous partnerships for XRP Ledger adoption. XRP price analysis by CoinGape shows that the price can hit $1 after RLUSD’s launch.

The crypto industry is upbeat on approval of XRP ETF by the U.S. SEC as the companies roll out indexes and futures in regulated markets. However, Bitnomial XRP futures were challenged as the securities regulator claimed that the futures fall under the purview of both the SEC and the CFTC.

XRP price performance is up just 1% this week after the SEC filed its appeal in the Ripple lawsuit. The price is currently trading at $0.54, with a 24-hour low and high of $0.542 and $0.550, respectively. Furthermore, the trading volume has decreased further by 30% in the last 24 hours, indicating a lack of interest among traders.