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Ripple and the XRP community are enjoying a partial victory after years of legal battle with the U.S. Securities and Exchange Commission (SEC). However, this war is not completely over yet. As the SEC’s appeal deadline approaches, tensions are rising. Now everyone is waiting for this critical move.
SEC’s Decision Awaited
The SEC has not yet taken any steps to initiate the appeal process in the case against Ripple. The final decision on August 7, 2024, stated that XRP is not a security. The decision has led to various reactions in the crypto world, and speculation about what step the SEC will take has increased.
So far, the SEC remains silent. This silence has further increased uncertainties about the institution’s next move. Some experts believe that recent criticisms from courts against the SEC might make the decision to appeal more difficult for the SEC.
Clear Message from Ripple CEO
While uncertainty continues, Ripple CEO Brad Garlinghouse gave clear messages about the possibility of an SEC appeal during his speech at Korea Blockchain Week. Garlinghouse stated that the SEC does not have a ground to overturn the decision that XRP is not a security. Garlinghouse’s strong stance has somewhat alleviated concerns about the appeal process on the Ripple side.
Garlinghouse also emphasized that the SEC’s stance on cryptocurrencies might change after the upcoming U.S. elections. He expressed that this nearly four-year-long case might be nearing its end. Famous crypto advocate lawyer Bill Morgan stated that it is difficult for the SEC to win this case. Morgan, particularly referring to the regulatory approaches of other countries, emphasized the court’s decision that XRP is not a security.
XRP Price Shows Movement
XRP has lost less value compared to the general crypto market due to speculation about the SEC’s possible appeal decision. Currently, XRP is trading below the 50-day moving average but above the 200-day moving average, presenting a mixed picture.
If the SEC appeals, XRP is predicted to fall below $0.40. However, if the appeal does not occur, XRP is expected to rise towards the $1 level. This prediction is similar to the reaction to the court decision regarding XRP’s programmatic sales.
Currently, XRP is trading at around $0.55 and has seen a 3% drop in the last 24 hours. Despite this, XRP’s trading volume has increased by 27%, and its market value stands at $30.9 billion.
