Lawyers’ Mixed Opinions Over SEC Appeal
The crypto community remains on tenterhooks as the appeal deadline for the Ripple vs SEC case draws near. The U.S. Securities and Exchange Commission (SEC) has yet to reveal its intentions regarding an appeal, leaving XRP trading below its highs from last year.
Pro-Crypto Lawyer Weighs in on SEC Appeal
Recently, pro-crypto lawyer Fred Rispoli increased the likelihood of the SEC filing an appeal to 60:40. According to Rispoli, Elon Musk missed an opportunity to challenge the SEC by not enabling payments on X, which could have included cryptocurrencies like XRP that the SEC has failed to label as securities in court.
With the October 7 appeal deadline looming, some investors may see the SEC’s silence as a positive sign for XRP. However, the possibility remains that the SEC could file an appeal at the last minute. Former SEC lawyers Marc Fagel and James Farrell are confident that an appeal will be filed, arguing that anything less would be detrimental to the government agency. The SEC still has two weeks to submit the appeal.
Uncertainty Hovers Around XRP
Pro-Crypto Lawyer’s Perspective
Pro-crypto lawyer Jeremy Hogan has also shared his views on the possibility of an SEC appeal. He stated, “Most likely, the SEC just hasn’t decided whether it will appeal yet. Why? Filing a Notice of Appeal takes only 15 minutes (you file the Notice and then have 70 days to file the actual brief). If the decision to appeal was already made, there’s no reason to delay filing the Notice—especially when you think it’s bad case authority out there.”
Ripple’s Stance
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have denied any intention to appeal in the Ripple vs SEC lawsuit. The company has also secured a stay order from the court, which holds the $125 million penalty payment to the agency until the appeal is resolved. The contrasting views about an SEC appeal contribute to market uncertainty, affecting XRP’s price action.
XRP Price Stays Put
The price trends of XRP remain heavily influenced by whether or not the SEC decides to appeal the rulings from the Ripple case. Should the SEC file an appeal, XRP’s price could potentially dip below $0.40. Conversely, if the SEC does not file an appeal, XRP might approach the $1.00 mark, reflecting the market’s response to the Programmatic Sales ruling.
Over the past 24 hours, XRP’s price has surged by 4%, currently trading at $0.60. However, the trading volume has decreased by 25% within the same timeframe, indicating a lack of interest among traders. As the deadline approaches, market participants are keenly observing every move, anticipating the SEC’s next steps and their potential impact on XRP.
