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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 01, 2024 08:27 UTC
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SEC Set to Appeal Ripple Lawsuit: Will XRP Price Survive?
The SEC is expected to appeal Judge Torres' ruling in the Ripple XRP lawsuit due to its desire to maintain control over the crypto industry.
SEC's appeal could set a precedent for other crypto companies facing similar lawsuits, such as Coinbase, Binance, and Kraken.
XRP's price is expected to continue to rise despite potential short-term volatility caused by the SEC's appeal.
Tony Edward of the Thinking Crypto Podcast has shared an analysis of the upcoming October 7 deadline for the SEC to appeal Judge Annalisa Torres’ ruling in the Ripple XRP lawsuit. This ruling distinguishes Ripple’s institutional sales of XRP as securities while classifying its secondary market sales as non-securities.
What is going to happen ahead? Let’s see.
Will the SEC Appeal?
With the SEC’s intentions still shrouded in mystery, the question on everyone’s mind is: will they appeal and risk a legal battle?
Tony believes an appeal is likely, given the SEC’s push to maintain authority over the crypto industry. Despite increasing criticism of SEC Chairman Gary Gensler’s aggressive regulatory tactics, Tony thinks the agency’s desire for control could lead them to challenge the ruling.
This decision also impacts major exchanges like Coinbase, Binance, and Kraken, which face similar lawsuits. Edward, along with legal experts, sees a likely appeal, as Gensler and the SEC seek to reinforce their influence over the $2 trillion crypto market.
Legal Experts Weigh In
Fox Business recently reported on the SEC’s intentions, quoting securities lawyers who view the ruling as inconsistent. Mark Powers, a former SEC enforcement attorney, believes the SEC will challenge the decision to prevent it from setting a precedent for other crypto companies. The outcome could have significant consequences for the future of crypto regulation.
Questioning Gensler’s Strategy
Tony also views this potential appeal as part of a broader strategy by Gensler to slow down crypto innovation. He describes Gensler as a disruptive figure who uses regulatory measures to stall the industry’s growth.
Despite these obstacles, Ripple’s legal win is seen as a landmark moment, offering hope for other crypto projects facing regulatory challenges.
Bitcoin’s Price Movements: What to Expect
Shifting focus, Tony provided his outlook on Bitcoin’s current price trends. He expects Bitcoin to reach new all-time highs in the fourth quarter but emphasizes the need for patience due to potential short-term volatility in both Bitcoin and XRP. Nevertheless, he remains optimistic about XRP’s long-term prospects, even if the SEC files an appeal.
Tony recalled how XRP performed well during past legal challenges, rising to nearly $2 in 2020 before major exchanges delisted it. With XRP back on these platforms and Ripple innovating, he sees potential price targets between $5 and $6, with some analysts predicting as high as $8.
New Hope for XRP!
Tony also addressed concerns regarding Ripple’s upcoming RLUSD stablecoin. After speaking with a former Ripple employee, he learned that the stablecoin could enhance XRP’s value by boosting liquidity and creating new use cases, especially in forex markets. Contrary to fears that it might undermine XRP, the stablecoin is expected to strengthen Ripple’s ecosystem and increase XRP’s utility.
Will this be the end of the road for Ripple’s legal battle? Or is there more to come? Tell us what you think!
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