Ripple vs SEC: Looming Appeal Deadline Sparks Speculation as XRP Battles Market Resistance
In the ongoing saga of the Ripple vs SEC lawsuit, a former U.S. Securities and Exchange Commission (SEC) lawyer has predicted that the regulatory agency will “probably” appeal Judge Analisa Torres’s July 2023 ruling. The prediction, reported by Fox Business journalist Eleanor Terrett, comes as the October 7 deadline for filing an appeal fast approaches.
The case, which has been closely watched by the cryptocurrency industry, centers around the classification of XRP and its sales. While Judge Torres ruled that XRP itself is not a security, the SEC is expected to challenge the decision regarding Ripple’s programmatic sales of XRP.
According to the former SEC lawyer, many within the agency believe Judge Torres’s ruling on programmatic XRP sales is incorrect and must be appealed. This sentiment is echoed by other industry insiders who anticipate the SEC will seek to overturn this aspect of the decision.
Legal Experts Weigh In
Legal experts, including attorney John Deaton, who filed an Amicus Brief on behalf of XRP holders, have weighed in on the potential appeal. Deaton argues that Judge Torres’s ruling was highly specific to the facts of the Ripple case and that the SEC might struggle to prove a “common enterprise” existed, a key component of the Howey Test used to determine if an asset is a security.
Another former SEC lawyer, Marc Fagel, noted that an appeal is expected given the approaching filing deadline. However, some experts question whether pursuing an appeal aligns with the SEC’s primary mission of investor protection and capital formation.
Ripple’s Path Forward and XRP Market Analysis
Despite the looming possibility of an appeal, Ripple appears to be moving forward. Monica Long, Ripple’s President, recently discussed the company’s future plans, including the introduction of the RLUSD stablecoin and continued development of the XRP Ledger.
Meanwhile, XRP’s price action remains volatile. The cryptocurrency has struggled to break above the $0.600 resistance level, currently trading around $0.5840. Analysts note key support levels at $0.5800 and $0.5740, with resistance at $0.5880 and $0.5960.
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