XRP News Today : What’s Next in XRP lawsuit After the SEC’s Appeal Against Ripple?
The post XRP News Today : What’s Next in XRP lawsuit After the SEC’s Appeal Against Ripple? appeared first on Coinpedia Fintech News
The United States Securities and Exchanges Commission last day filed its appeal against the August 7 Manhattan court judgment, which imposed a minor penalty of $125 million against Ripple Labs, denying the SEC’s demand for a harsher penalty of $2 billion for improperly selling XRP as an unregistered security. With Ripple set to respond soon, here is what you need to know about the next steps in this pivotal case.
US SEC’s Appeal in the Ripple Case: What’s the Latest?
A Form C was officially submitted to the US Court of Appeal for the Second Circuit yesterday by the US SEC. Notably, the appeal demanded the court to reconsider the aspect of the personal offers and sales of XRP by Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, a co-founder of Ripple.
It was in 2020 that the SEC initially charged Garlinghouse and Larson, accusing them of raising $1.3 billion through illegal XRP sales. But, in October 2023, the SEC dropped the charges after suffering a setback in July when Judge Analisa Torres ruled that Ripple’s sales of XRP on public exchanges were not considered securities transactions.
Ripple’s Response: What’s Coming Next?
It has been reported that Ripple will submit its own Form C within seven days of the SEC’s filing. Based on this report, it can be assumed that Ripple may submit its Form C to counter the SEC’s move this week itself.
Once Ripple files its Form C, both parties will be consulted to agree on the briefing schedules. The SEC is expected to receive 90 days to present its arguments against Ripple. After this, Ripple will have the chance to counter the SEC’s arguments with their defenses.
How Long Will this Legal Battle between the SEC and Ripple Last?
In a recent statement, Ripple CLO Stuart Alderoty opined that the legal battle between Ripple Labs and the US SEC could continue till 2026. If so, it would be one of the longest legal battles in the history of the crypto sector. Many believe that the outcome of this legal battle will not only influence the XRP market but also affect the broader cryptocurrency market.
XRP Price Impact: A General Analysis
In the last seven days, XRP has experienced a surge of 1.6%. It appears that the SEC’s decision to file its Form C has slightly affected the market, as in the last 24 hours the price has slightly dropped by 1.5%. At the start of this month, the price of XRP was $0.59651. It dropped to a low of $0.5217 on October 3. Since then, the market has moved sideways, ranging between $0.54844 and $0.52173. At present, the daily chart of XRP shows a bullish candlestick, with the price standing at $0.54994. Over the last 30 days, the market has witnessed a notable drop of 4.3%.
It is important to watch if the price can recover from the drop it suffered in the early days of the month. To do so, it needs to cross the crucial level of $0.61120.
With market uncertainty surrounding the legal proceedings, keep an eye on xrp price prediction and market trends. Stay tuned to Coinpedia for more updates on the XRP-SEC legal battle and its impact on the XRP market!
