This is the climax! The long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is heading toward its final stages, but it might not be over yet. Speculation is growing that the SEC could appeal, with experts suggesting there’s a 75% chance it will challenge certain rulings.
This has the XRP community on edge, as the possibility of a longer legal battle looms. Amid these rumors, XRP is trading at $0.5866, with a drop in volume by 11% to $928.86 million. It reached a 24-hour high of $0.5908, while XRP Futures Open Interest rose by 1%, hinting at some positive market sentiment.
Will the final act soon be written? Will we have a conclusion? Read on for the answers.
Last month, Judge Torres handed Ripple a partial win, ordering the company to pay a $125 million penalty—significantly less than the SEC’s initial $2 billion demand. However, shortly after the ruling, rumors began swirling about a potential SEC appeal. Ripple, too, might re-appeal if the SEC pushes forward, possibly dragging the case well into 2025.
James Farrell, a former SEC lawyer, believes there’s a 75% chance of an appeal, especially focused on the rulings around institutional sales. He thinks the timing of the appeal is more about administrative steps than legal strategy, but it could significantly impact XRP’s regulatory future.
Ripple has secured a stay order, delaying its penalty payment, which has sparked speculation that both sides are gearing up for a long legal process. Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty appear unconcerned by the idea of an appeal, but pro-XRP lawyer Fred Rispoli believes an SEC appeal is highly likely.
If Ripple wins the appeal, it could claim statutory interest on the $125 million fine, adding further complexity. The SEC might then have to return the fine along with interest, creating a potential financial setback for the agency.
As the October 2024 appeal deadline gets closer, the stakes are higher than ever for Ripple and the SEC. The final decision will have a lasting impact on XRP’s market status and could set a precedent for the broader crypto industry. For now, XRP remains volatile, trading at $0.5866 with a slight drop in volume, but showing some positive signs in futures trading.
What’s next for Ripple and XRP? The countdown is on.
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