Ripple 
$1 has made a critical move in its legal battle against the SEC. One of the company’s founders, Chris Larsen, submitted an important document to the court as the deadline approached. Before filing Form C, Larsen submitted a “Notice of Appearance,” a step that followed the Second Circuit Court of Appeals’ warning regarding procedural irregularities related to Ripple.
Latest Updates in SEC – Ripple Case
On October 22, the Second Circuit Court of Appeals issued a crucial reminder to Ripple in the SEC case. It was stated that Ripple needs to complete its Form C submission for the cross-appeal against the SEC. Chris Larsen filed an urgent motion to expedite the process just before the deadline.
Time is Running Out for Form C
Ripple must submit the Form C document by October 24 for its cross-appeal against the SEC. Failure to submit on time could result in Ripple losing its right to an oral defense.
Stuart Alderoty, Ripple’s Chief Legal Officer, clarified that the Form C submission will not impact the decision regarding whether XRP is a security. The ruling that XRP is not a security is still in effect and recognized under country law. Alderoty also noted that achieving the results the SEC desires at this point would be difficult.
The Case’s Future and Its Impact on XRP
The XRP community is eagerly awaiting the outcome of the case. If the case concludes in Ripple’s favor, a substantial increase in XRP’s price is anticipated. It is even predicted that XRP could reach its previous all-time high, with some speculating ambitious figures like $17 in the long term.
Ripple officials assert they have not made any procedural errors in the case. The company claims that the cross-appeal aims to eliminate the sanctions imposed by the SEC.
In conclusion, Ripple’s recent action is considered a significant step in the case. If the ruling favors Ripple, a notable increase in XRP’s value is likely.
