Ripple and the XRP community are enjoying a partial victory in their clash with the SEC, but the drama may not be over yet! With the deadline for the SEC to appeal approaching, tensions may flare up again. Will things get heated?
Read on and find out for yourself!
In a recent X post, attorney Jeremy Hogan speculated that the SEC still hasn’t decided whether to appeal the Ripple lawsuit. Hogan pointed out that filing an appeal is a quick and easy process that only takes 15 minutes. Once the appeal is filed, the SEC has 70 days to file the actual argument. Given the importance of the case, Hogan believes that the SEC would not delay filing if they had already decided to appeal, especially since the current ruling does not favor their position.
Ripple, SEC request delay of monetary judgment
Meanwhile, Ripple and the SEC have jointly requested a stay of the $125 million monetary portion of the court’s judgment. The request comes just days before the September 6 deadline for Ripple to pay the fine imposed by Judge Analisa Torres. While Ripple previously indicated that it had no plans to appeal, this latest move suggests that the company may be rethinking its strategy. If granted, the stay would put the payment on hold, giving both parties more time to prepare for a potential appeal.
Options for counter-appeal
Former SEC attorneys including James Farrell and Marc Fagel have expressed confidence that the SEC can file an appeal before the 60-day deadline, which expires in early October. However, Ripple would have to file a counter-appeal with the Second Circuit Court to challenge the ruling more comprehensively. If Ripple chooses not to file a counter-appeal, it would effectively accept the $125 million fine without further challenge, limiting the court’s ability to address additional issues.
XRP Price Recovers Amid Legal Developments
Following the news of the extension request, XRP saw a modest 2% price increase to $0.562. Trading volume increased by 36%, indicating increased interest from traders and investors. However, XRP price is facing critical resistance at $0.565. Failure to hold this level could result in a drop towards $0.5326 and further towards $0.47 if the bearish momentum continues. On the other hand, reclaiming $0.57 could trigger a more bullish trend for XRP depending on the outcome of the lawsuit.
Looking ahead
With the SEC yet to file an appeal and Ripple requesting a stay, the XRP community is anxiously awaiting the next legal steps. Both sides appear to be bracing for the potential for a lengthy legal battle, and the ultimate decision could have lasting implications for the price of XRP and the broader crypto market. The next few weeks will be crucial as Ripple and the SEC navigate this high-stakes legal terrain.
See Also: Ripple News: Why XRP Price Isn’t Rising Despite New Ripple Features; Bill Morgan Weighs In
