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Debashree Patra
Debashree Patra
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- Sep 05, 2024 05:13 UTC
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Ripple vs. SEC Lawsuit Update: How Will SEC’s Appeal Impact the XRP Price?
Despite a recent court ruling in Ripple's favor, the legal battle continues as the SEC has not yet decided whether to appeal.
To give themselves more time to prepare for a potential appeal, Ripple has requested a temporary pause on the payment of the $125 million fine.
The price of XRP has seen a slight increase following the news of the stay request, but its future trajectory remains uncertain.
The Ripple VS SEC legal battle continues to unfold with unexpected twists and turns. As the deadline for the SEC to appeal their initial loss looms, tensions are rising within the XRP community. The recent court ruling in favor of Ripple has sparked hope for a positive outcome, but the SEC’s next move remains a mystery.
Will they challenge the decision, or will they let it stand?
SEC’s Next Move: Appeal Still in Question
Attorney Jeremy Hogan recently shared his thoughts on X, suggesting that the SEC may still be undecided about appealing the Ripple case. Filing a Notice of Appeal is a quick process, taking just 15 minutes. Once it’s filed, the SEC would have 70 days to submit its full brief.
Given the importance of the case, Hogan believes the SEC would have already acted if they had firmly decided to appeal, especially since the current ruling doesn’t favor their position.
Ripple Seeks Delay: Will the $125 Million Fine Be Put on Hold?
In a joint move, Ripple and the SEC have asked for a stay on the $125 million penalty imposed by the court. This request comes just days before Ripple’s September 6 deadline to pay the fine ordered by Judge Analisa Torres. Although Ripple previously indicated they wouldn’t appeal, this latest move suggests they may be reconsidering. If the stay is granted, the payment would be paused, giving both sides more time to prepare for a possible appeal.
Expert Predictions
Former SEC lawyers, including James Farrell and Marc Fagel, are confident that the SEC will file an appeal before the 60-day deadline, which expires in early October.
If the SEC moves forward, Ripple would need to file a cross-appeal in the Second Circuit Court to challenge the ruling more thoroughly. If Ripple chooses not to cross-appeal, they would have to accept the $125 million penalty without further challenge, limiting the court’s ability to address other issues.
XRP Price Analysis
Following news of the stay request, XRP’s price rose by 2%, reaching $0.562, with trading volume increasing by 36%. This shows growing interest from traders and investors. However, XRP faces key resistance at $0.565. If it can’t hold this level, the price could drop to $0.5326 or even further to $0.47 if bearish momentum continues.
On the flip side, reclaiming $0.57 could trigger a more bullish trend, depending on how the lawsuit unfolds.
Looking Ahead
As the SEC hasn’t filed a Notice of Appeal yet and Ripple is seeking a stay, the XRP community is watching closely. Both sides seem to be preparing for a longer legal fight, and the outcome could have significant impacts on XRP’s price and the broader crypto market. The next few weeks are critical as Ripple and the SEC navigate this high-stakes legal situation.
Also Check Out: Ripple News: Why XRP Price Isn’t Soaring Despite New Ripple Features; Bill Morgan Weighs In
Is Ripple on the path to victory? Or will the SEC have the last laugh? Let’s wait and see.
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