There has been a significant development in Ripple’s ongoing lawsuit against the US Securities and Exchange Commission (SEC). Ripple’s legal team took a strong stance, arguing that the SEC’s appeal lacked necessary justification. This development comes after a July court ruling by Judge Analisa Torres that ruled that XRP does not qualify as a security for sale to individual investors under SEC rules. So, did the SEC’s subsequent move to appeal and stop this decision caused a change in the price of XRP?
Ripple legal team takes action against SEC
Ripple’s legal team argued in its filing with the U.S. District Court for the Southern District of New York that the SEC’s appeal was primarily driven by dissatisfaction with the previous ruling and that there were no “exceptional conditions for provisional appeal” in this case. They urged the judge to reject an appeal or stay of execution, emphasizing that the SEC did not meet the standards required for a stay of execution.
As we reported on Kriptokoin.com, the legal dispute between Ripple and the SEC started in December 2020, when the SEC filed a lawsuit against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen. This move has led several cryptocurrency exchanges to delist the XRP token to avoid potential legal complications. However, following Judge Torres’ decision, many of these exchanges have expressed their intention to relist XRP, signaling a potential shift in sentiment.
SEC against many crypto companies in 2023
Brad Garlinghouse, CEO of Ripple, expressed his disappointment with the actions of the SEC, saying, “It is regrettable that so many in the US crypto community have to resort to legal process to prove that the SEC is out of control and is constantly wrong about the facts and the law. ” said. It is worth noting that the SEC actively initiated legal action against various cryptocurrency firms, including Binance and Coinbase, in 2023. However, on August 29, asset manager Grayscale achieved a court victory against the SEC, leading to a review of its spot Bitcoin exchange-traded fund application. Meanwhile, Ripple’s legal battle continues. Judge Torres is proposing a jury trial for the case, which will begin in the second quarter of 2024.
What is the latest situation in XRP price?
Besides the legal saga, the XRP market has experienced significant fluctuations recently. The dispute with the SEC had a notable impact, with XRP witnessing a seven-month high in on-chain volume and a three-month high in circulation. According to analyst Kelvin Munene Murithi, despite some declines in its price, XRP has shown resilience with potential resistance levels of 0.525 and 0.540 dollars if it breaks the $0.512 barrier. However, failure to exceed these resistance levels could lead XRP to find support near $0.480 and $0.460.
https://twitter.com/santimentfeed/status/1697716012165279975
Its legal battle with the SEC has brought significant volatility to the XRP market. As legal proceedings continue, the utility of XRP continues to flourish amid uncertainty. The crypto community is eagerly awaiting the next chapters of this legal saga and its potential impact on the market.
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