Ripple’s SEC Appeal Uncertainty: Will the Legal Battle Continue?
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Legal Experts Weigh In
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Since Judge Analisa Torres issued her final ruling in the SEC vs. Ripple case on August 7, the SEC has been silent about its next steps. Bill Morgan, a legal expert, believes that if the SEC is driven purely by legal strategy, it might avoid appealing. He points out that recent judicial trends, such as the differentiation between primary and secondary market transactions, could influence the SEC's decision.
Timing and Market Impact
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Adding to the uncertainty, crypto analyst Mr. Huber speculated that the SEC might strategically delay its appeal to coincide with market events, much like it did during the Christmas bull run when it filed the case against Ripple. This timing could potentially impact XRP’s price, especially with many analysts expecting a price boost after the Fed’s September rate cut.
What Happens if the SEC Appeals?
Former SEC member James Farrell noted that if Ripple wins an appeal, the SEC could face significant financial risks, including bond costs and possible interest. Ripple’s cross-appeal could also challenge the SEC’s stance on XRP sales, potentially reshaping the regulatory landscape for cryptocurrencies. The SEC has until early October to decide on an appeal, and the case could extend into 2025 if pursued.
XRP Price Outlook
Despite the ongoing legal drama, XRP’s weekly chart shows bullish signs. The price remains above key moving averages, indicating potential growth towards $0.60 or even $0.66. However, a drop below these levels could signal a reversal, with XRP possibly dipping below $0.50. The 14-day RSI suggests that XRP might hit oversold conditions before recovering. Should the SEC choose not to appeal, XRP could aim for a return to $1.00, but the market remains cautious.