The cryptocurrency market is showing signs of recovery, yet XRP remains anchored around the $0.54 mark. Despite this stagnation, renowned crypto analyst BitBoy maintains a bullish outlook on XRP, predicting a significant rally even as the U.S. Securities and Exchange Commission (SEC) continues its legal actions against Ripple. The question on everyone’s mind is whether XRP’s price could skyrocket amidst these legal hurdles.
SEC’s Renewed Appeal Against Ripple
Recently, the SEC escalated its legal battle by filing an appeal against Judge Analisa Torres’s decision that XRP sales on exchanges do not constitute investment contracts. The regulatory body is also attempting to revive charges against Ripple executives Chris Larsen and Brad Garlinghouse. This development has stirred anxiety among investors, who are concerned about the potential repercussions for XRP.
BitBoy’s Optimism: XRP’s Price Set to Rise
In a recent communication, BitBoy addressed the growing discontent among XRP enthusiasts regarding the SEC’s maneuvers. The SEC initially missed the deadline for filing their appeal, which disappointed many supporters. However, BitBoy remains unfazed by these developments, expressing confidence that such challenges will not deter XRP from achieving price elevation, commonly referred to in the crypto community as “mooning.”
BitBoy emphasizes that the core issue revolves around financial implications rather than the intrinsic value of XRP. He asserts that XRP’s upward trajectory remains intact, undeterred by these legal skirmishes. The SEC’s persistence in appealing against Ripple follows a pivotal court ruling earlier this year, affirming that XRP is not classified as a security. This verdict represented a significant victory for Ripple and XRP holders, enabling XRP to continue trading on exchanges without facing new regulatory constraints from the SEC.
In an unexpected turn, after missing the original deadline, the SEC was granted an additional two days to submit their appeal, further exacerbating frustrations among XRP supporters.
XRP’s Legal Standing: Secure and Unchallenged
It is crucial to highlight that the SEC’s appeal does not dispute the court’s determination that XRP is not a security. Consequently, exchanges can persist in listing XRP without apprehension of regulatory repercussions. Ripple’s Chief Legal Officer, Stuart Alderoty, reassures stakeholders that the court’s decision—that XRP is not a security—remains authoritative. This legal clarity positions XRP favorably in the market, safeguarding it from immediate regulatory disruptions.
As the landscape of cryptocurrency continues to evolve, XRP’s ability to navigate legal challenges while maintaining its market position will be pivotal. With influential voices like BitBoy expressing optimism, the future trajectory of XRP remains a focal point of interest for investors and crypto enthusiasts alike.
