- The Ripple SEC lawsuit is gaining momentum as the deadline for the US SEC’s potential appeal draws near.
- Legal insights suggest the SEC might have an edge due to the appellate court’s “de novo” review standard.
- XRP’s price has surged over 10% in the past month, breaking significant price thresholds.
The Ripple SEC lawsuit is heating up, with legal experts speculating on the potential outcomes and XRP prices reflecting the market’s keen interest.
Ripple SEC Case: A Closer Look
The Ripple SEC lawsuit has been a focal point in the crypto space, particularly as the deadline for a potential appeal by the US SEC approaches. The long-standing legal battle, which has significant implications for the digital asset industry, sees anticipation reaching a fever pitch. Many within the crypto community speculate that the SEC might make a last-minute appeal, extending this legal saga.
Ex-SEC Lawyers Weigh In
Recently, former SEC lawyers have highlighted a potential advantage for the agency if it proceeds with an appeal. According to FOX Journalist Eleanor Terrett, SEC insiders believe the ruling on XRP’s programmatic sales was flawed. Ex-SEC lawyer Marc Fagel has voiced concerns over Judge Torres’s July 2023 decision in the case, citing a lack of evidence on the SEC’s part as a critical weakness. Specifically, the SEC’s inability to demonstrate that Ripple’s promotional materials were shown to buyers undermines their argument that buyers had a “reasonable expectation of profit” based on Ripple’s efforts.
Appellate Court’s “De Novo” Review: A Key Advantage
James Farrell, another former SEC lawyer, points out the appellate court’s “de novo” review standard as a crucial advantage for the SEC. This standard allows the court to reassess the evidence independently of Judge Torres’s initial findings, potentially enabling the SEC to reintroduce previously excluded testimony. This fresh examination could provide the SEC with a pivotal opportunity to strengthen its case.
XRP Price Movements Amid Legal Speculations
The possible implications of the court’s decision have led to varied opinions within the crypto community. Ripple’s CEO Brad Garlinghouse and CLO Stuart Alderoty maintain that “the XRP case is over” and speculate that the SEC may not pursue an appeal. Conversely, there is a significant faction within the community that anticipates a last-minute appeal from the SEC, which would prolong the case further.
Investors are closely monitoring XRP’s price movements in light of these speculations. At the time of writing, XRP experienced a 2.4% drop to $0.6241, though its trading volume surged by 58% to $2.64 billion. The crypto asset hit a high of $0.6622 in the past 24 hours and has recorded gains of over 10% in the last 30 days.
Contributing Factors to XRP’s Price Surge
Several factors may have contributed to XRP’s recent price surge. Positive sentiments from Ripple executives, such as insights shared by Ripple President Monica Long on Ripple’s stablecoin RLUSD and the XRP Ledger, have bolstered market confidence. Additionally, broader market dynamics and investor speculation ahead of the SEC’s decision have played a role in driving XRP prices higher.
Conclusion
As the deadline for a potential SEC appeal looms, the Ripple SEC lawsuit remains a critical point of focus for the crypto community. Former SEC lawyers suggest that the appellate court’s “de novo” review could provide the agency with a significant advantage. Meanwhile, XRP’s price movements reflect investor sentiment, adding another layer of complexity to this high-stakes legal battle. The outcome of the case will undoubtedly have far-reaching implications for the crypto industry and regulatory landscape.
