XRP News: Expert Reveals Flaws in Ripple’s Legal Strategy
Qadir AK19 Oct 20242 min read
Lawyer Fred Rispoli has openly criticized Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen for settling part of the SEC’s charges instead of fighting them all in court. According to Rispoli, they missed a big chance to fully defend themselves, especially against the “aiding and abetting” claims.
He believes Ripple had a strong case, and taking it to trial might have worked in their favor, as the SEC didn’t seem to have enough solid evidence.
Was this a missed golden opportunity? Let’s see if Rispoli is right.
What a Trial Could Have Revealed
Rispoli also pointed out that going to trial could have brought key witnesses like former SEC Chairman Jay Clayton to the stand. This could have provided important insights into how the SEC views cryptocurrencies like XRP. These testimonies might have strengthened Ripple’s defense and given other crypto companies valuable information for future legal battles.
Ripple’s Counter Strategy
Despite the settlement, Ripple is filing a cross-appeal to challenge parts of the 2023 court ruling. While the judge ruled that XRP sales to retail investors were not considered securities, the SEC is still trying to contest other parts of the decision, especially regarding institutional sales. Ripple’s legal chief, Stuart Alderoty, is confident they will prevail, saying their case is even stronger now.
This gives XRP a solid position in the market, free from immediate regulatory threats, and keeps investors optimistic about its future.
Did the SEC Miss Its Deadline?
There’s been some debate about whether the SEC submitted its appeal on time. Some observers noticed the agency filed its brief a day late, but the SEC insists it met the deadline. Importantly, the SEC’s appeal doesn’t challenge the decision that XRP is not a security when sold to retail investors, meaning that part of the ruling remains intact.
XRP Price Outlook
XRP was trading around $0.55 on Friday, showing a small gain of less than 1%. Traders are reacting to the SEC’s appeal, which doesn’t question XRP’s status as a non-security, confirmed in the July 2023 ruling. This legal clarity is a positive sign for XRP, with hopes that it might lead to the approval of an XRP ETF in the U.S. Technical analysis suggests XRP could rise by 10%, with a target of $0.60.
If prices drop, support might be found at $0.5319 or as low as $0.3843.
What do you think—did Ripple miss a golden opportunity, or was settling the smart move?
