XRP Price Could Reach $1 Following Ripple CLO’s Update on SEC Appeal:
Ripple’s Chief Legal Officer, Stuart Alderoty, recently announced that the U.S. SEC will not appeal the court’s decision that XRP is not a security. This development has increased optimism within the XRP community, raising the likelihood of the token reaching $1.
Key Highlights:
– The U.S. SEC filed its pre-argument statement (Form C) near the appeal deadline in the ongoing lawsuit against Ripple Labs.
– Stuart Alderoty confirmed that the SEC will not challenge Judge Torres’ ruling that XRP is not classified as a security, prompting positive sentiment in the market.
– Legal experts have debated whether the SEC missed its filing deadline, which could lead to the appeal being dismissed.
– With this clarity, XRP is more likely to see a price rise towards $1.
SEC’s Appeal in the Ripple Case
The SEC’s appeal targets specific aspects of the case, including:
– XRP sales through crypto exchanges by Ripple.
– Distribution of XRP to employees and others.
– Sales of XRP on exchanges by Ripple executives Brad Garlinghouse and Chris Larsen.
The appeal seeks to review whether the district court’s ruling in favor of Ripple’s sales and distributions was erroneous. However, the SEC did not appeal the court’s decision on disgorgement or the $125 million in penalties, which surprised legal experts like MetaLawMan.
Attorneys Fred Rispoli and Marc Fagel confirmed that the final judgment remains part of the appeal, with the SEC focusing on certain XRP sales transactions. Despite this, the community has seen a slight dip in XRP prices.
Positive News from Ripple’s Legal Team:
Stuart Alderoty took to social media to emphasize that the classification of XRP as a non-security remains unchallenged, reinforcing the decision as “the law of the land.” Ripple will issue its response to the SEC’s filing in the coming week, with traders anticipating a rebound in XRP’s price following this development.
XRP Price Outlook:
The SEC’s decision not to appeal the non-security classification has boosted market sentiment, suggesting XRP could surpass $1 amid the ongoing bull trend. Ripple CEO Brad Garlinghouse also expressed confidence in the company’s position, hinting at a strong future for XRP regardless of political changes in the U.S.
Currently, XRP is trading around $0.55, with a 1% dip over the last 24 hours, fluctuating between $0.54 and $0.564. Trading volume has also declined by 11%. However, prominent analyst Egrag Crypto forecasts a potential rally to $1.5 in the short term.
XRP Derivatives Market:
Despite the slight dip in price, XRP buying remains strong in the derivatives market. Total futures open interest has increased by over 2% to $770 million, signaling continued interest among traders, according to Coinglass data.
