XRP Holders, Rejoice! SEC’s Chances of Winning Appeal Are Just 9%, Not 90%
Mustafa Mulla16 Aug 20242 min read
The Ripple vs SEC saga has kept the entire crypto world in a chokehold. However, what’s worse is that XRP, the digital asset at the heart of the controversy, remains under pressure due to the looming threat of an SEC appeal against the recent Programmatic Sales ruling.
With nine days already passed since the final judgment, SEC’s deafening silence has sent shockwaves through the market, leaving investors and traders on edge.
What’s next? Debates, tensions, and speculations are heating up. Read on for clarity.
Will the SEC Win the Appeal?
The debate gained traction when Dennis Kelleher, CEO of Better Markets, confidently claimed on Twitter that the SEC has a 90% chance of winning its appeal against Ripple. Kelleher criticized the judge’s decision, arguing it unfairly favored sophisticated investors over everyday retail buyers—a view he said many judges had rejected.
Pro-XRP Lawyer Pushes Back
Pro-XRP lawyer Bill Morgan quickly challenged Kelleher’s view on Twitter. He pointed out that not all judges have dismissed the reasoning used by Judge Torres in the Ripple case. Morgan highlighted that Judge Jackson, who is overseeing the Binance case, also supported the distinction between institutional investors and retail buyers, similar to Judge Torres.
This contrasts with Judge Rakoff’s ruling in the Terraform case, which rejected such a distinction. Morgan argued that with at least two judges supporting this approach, the SEC’s chances of winning the appeal could be closer to 9%, not the 90% suggested by Kelleher.
XRP Poised for Major Breakout
Amid the ongoing legal tensions, XRP’s price action is approaching a critical point. The cryptocurrency is showing signs of a potential breakout from a long-standing triangle pattern.
However, prominent crypto analyst Dark Defender has noted the formation of a bullish hammer candle on the monthly chart, signaling potential upward momentum. If a breakout occurs, targets of $1.00, $1.40, and $1.88 have been suggested.
Currently, XRP is trading at $0.57, marking a slight surge in the last 24 hours with a market cap of $31.8 billion.
Will XRP finally break free from the SEC’s shadow and soar to new heights? Only time will tell.
