Will the SEC Appeal Impact the XRP Price? Crypto Expert Weighs In
Mustafa Mulla18 Oct 20242 min read
Despite signs of recovery in the cryptocurrency market, XRP has been stuck around the $0.54 mark. Yet, prominent crypto commentator BitBoy remains optimistic, saying that XRP is set for a big rally, even with recent actions by the U.S. Securities and Exchange Commission (SEC) against Ripple.
Could XRP’s price soon soar despite these ongoing legal challenges?
SEC’s Challenge to Ripple
Recently, the SEC filed an appeal against Judge Analisa Torres’s ruling that XRP sales on exchanges do not count as investment contracts. The SEC is also trying to revive charges against Ripple executives Chris Larsen and Brad Garlinghouse. These moves have raised concerns among investors about the potential impact on XRP.
In a recent tweet, BitBoy mentioned that many in the community feel upset about the SEC’s latest actions. The SEC missed its deadline to file the appeal, which frustrated many XRP supporters. However, BitBoy believes these issues will not prevent XRP from “mooning,” a term often used in the crypto world to indicate a price surge.
Money Matters More!
BitBoy stressed that the key issues at play are financial, not fundamental to XRP’s technology. He is confident that XRP’s growth path is still on track, regardless of the legal hurdles.
Although the SEC is appealing after a court ruled earlier this year that XRP is not a security, this ruling was a significant win for Ripple and XRP holders. It confirmed that XRP can stay listed on exchanges without new regulations from the SEC.
A New Deadline. A New Wait.
Recently, the SEC missed the deadline for its appeal, increasing anxiety within the crypto community. In an unexpected turn, the SEC was granted an extra two days to submit its appeal, further frustrating XRP supporters.
It’s important to note that the SEC’s appeal does not challenge the court’s finding that XRP is not a security. This means exchanges can continue to list XRP without worrying about regulatory issues.
Rest Easy, XRP Supporters
Ripple’s Chief Legal Officer, Stuart Alderoty, reassured the community that the court’s ruling—that XRP is not a security—still stands. This keeps XRP in a strong position in the market, free from immediate regulatory threats, allowing investors to remain hopeful about its future.
Do you believe this is a major roadblock for the XRP Price?
