Altcoin

What’s Next as Deadline Looms?

Published

3 months ago

September 25, 2024

The deadline for the U.S. Securities and Exchange Commission (SEC) to file an appeal in Ripple lawsuit is fast approaching. Lawyers and experts tracking the lawsuit say there is 75% odds of an appeal by the SEC, but the agency is still uncertain about it. Meanwhile, Ripple executives have already made it clear that they do not intend to appeal, publicly saying that the lawsuit has ended.

However, there remains the possibility that the SEC could pull a last-minute appeal. Depending on what happens, this could significantly impact the XRP price with the appeal deadline winding down.

Ripple vs SEC Appeal Deadline Approaches

The 60-day deadline for the U.S. Securities and Exchange Commission (SEC) is on October 7. The government agency’s recent filing in the Binance lawsuit over “crypto asset securities” definition and oversight hearing in the House Financial Services Committee hints at an unlikely appeal.

Gary Gensler’s testimony cleared the agency’s intention to go after secondary market sales. He claimed that NFTs are securities. This is also cleared from the recent Flyfish Club fine for unregistered NFT sales and Wells notice to the NFT marketplace Opensea.

Gensler is gone https://t.co/NbPd4RQkM7
— Mark Cuban (@mcuban) September 24, 2024

Ashley Prosper, an XRP expert on US SEC v. Ripple Labs lawsuit, said the SEC will never appeal Judge Torres’ summary judgment classifying XRP itself is a security. “The thing I’m watching is whether or not they still want to try to push the narrative that secondary sales of digital assets are securities. That’s the only thing I think they’d appeal,” she added.

SEC Lawyers Confident Over Likely Appeal

As CoinGape earlier reported, former SEC lawyers Marc Fagel and James Farrell are confident about the appeal filing in the Ripple vs SEC case. Farrell predicted a 75% chance of an SEC appeal on liability portions. While they agree that a Second Circuit ruling in favor of Ripple can impact other crypto cases, anything less than an appeal will be bad for the government agency.

Ripple executive chairman Chris Larsen moving XRP in millions ahead of the Ripple Swell event also sparked speculations in the community.

XRP Price Set to Rally to $2

XRP price is moving mostly sideways near $0.58 this week, with the price currently trading at $0.588. The 24-hour low and high are $0.582 and $0.594, respectively. However, the trading volume has increased by 14% in the last 24 hours, indicating a rise in interest among traders.

Analysts have predicted a 25% rally in XRP price to $0.75 in October. However, the price needs to first push below a range low before moving right back to the $0.6o level and then heading in the upside direction.

As CoinGape reported, XRP price rally to $1 will be supported by the historically bullish fourth quarter. Traders will also have more positive sentiment with no implications of elections and the Ripple vs SEC lawsuit. Experts gave XRP price target of $1 based on market demand and supply dynamics in the bull run. Furthermore, a broader rally in Bitcoin will support a run to $2 in 2025.