Ripple and its XRP community are experiencing a partial victory in their ongoing legal battle with the SEC, but the saga might not be over yet. With the deadline for the SEC to file an appeal approaching, speculation about further legal maneuvers is mounting. Here's a closer look at the current state of affairs and what might lie ahead.
Possible Appeal by the SEC
Attorney Jeremy Hogan recently speculated on social media about the SEC’s potential next steps in the Ripple case. Hogan noted that while filing a Notice of Appeal is a relatively quick process—taking just 15 minutes—the SEC would then have 70 days to submit its brief. Given the case’s high profile and the SEC’s current unfavorable position, Hogan suggested that if the SEC had already decided to appeal, they would likely not delay the filing.
Request for Stay on Monetary Judgment
In the meantime, Ripple and the SEC have jointly requested a stay on the $125 million monetary portion of the court’s judgment. This request comes right before Ripple’s September 6 deadline to pay the penalty imposed by Judge Analisa Torres. Ripple’s previous statements had indicated no intention to appeal, yet the recent request for a stay hints at a possible strategic shift. If granted, the stay would postpone the payment, allowing both parties additional time to prepare for potential appeals.
Potential for Cross-Appeal
Former SEC attorneys, including James Farrell and Marc Fagel, believe that the SEC might file an appeal before the 60-day deadline, which is set to expire in early October. For Ripple to fully challenge the court’s ruling, it would need to file a cross-appeal with the Second Circuit Court. If Ripple opts against a cross-appeal, it would effectively accept the $125 million penalty, potentially limiting the court’s ability to address other issues.
XRP Price Movements
In response to the stay request, XRP’s price saw a modest uptick of 2%, reaching $0.562. Trading volume also surged by 36%, indicating increased interest from traders and investors. However, XRP faces crucial resistance at $0.565. If it fails to maintain this level, the price could drop to $0.5326, with further declines possible down to $0.47 if bearish trends continue. Conversely, a successful rebound to $0.57 could trigger a more bullish trend, influenced by the legal developments.
Looking Forward
As the SEC approaches its appeal deadline and Ripple seeks a stay, the XRP community is closely watching the unfolding situation. The potential for extended legal battles could have significant implications for XRP’s price and the broader cryptocurrency market. The upcoming weeks are critical as Ripple and the SEC navigate these high-stakes legal proceedings, and the outcomes could shape the future of XRP and its place in the market.
September 2024, Cryptoniteuae