Ripple 
$0.556934‘s Chief Legal Officer Stuart Alderoty gave important news to the XRP community. The U.S. Securities and Exchange Commission (SEC) has decided not to appeal Judge Torres’ summary judgment in the Ripple Labs case that XRP is not a security. This development created a positive atmosphere in the XRP community. The community was hopeful that the price of XRP could reach $1.
Issues the SEC Appealed in the Ripple Case
The SEC appealed summary judgment regarding Ripple’s sales of XRP through crypto exchanges and the actions of its executives. Particular focus was placed on the sales of Ripple CEO Brad Garlinghouse and Chairman Chris Larsen. The SEC requests a re-examination of these matters. On the other hand, it was noteworthy that the SEC did not object to the $125 million fine. It was announced that the government did not appeal the repayment decision at the resolution stage.
This strategic move by the SEC surprised some experts. Lawyers Fred Rispoli and Marc Fagel confirmed that the SEC is focusing specifically on programmatic XRP sales. This caused a short-term price drop in the community.
Strong Message from Ripple CLO
Stuart Alderoty announced that Ripple will respond to the SEC’s application. Alderoty stated that it is now clear that XRP is not a security. He asked the community to follow these developments patiently. This statement became a morale boost in the XRP community.
Rise Expectation in XRP Price
The SEC’s decision not to appeal XRP’s security status created optimism in the market. Analyst Egrag Crypto predicted that the price of XRP could rise to $1.5 in the short term. Currently, XRP is trading at $0.55. However, there has been an 11% decrease in trading volume in the last 24 hours. In futures transactions, XRP purchases continue. Open positions in XRP futures increased by over 2%, reaching $770 million.
New Developments in the Case
The SEC’s filing of new allegations against Garlinghouse and Larsen was criticized by many lawyers. It was also alleged that the SEC missed the Form C filing deadline and backdated the documents.
Ripple continues to closely monitor how the legal processes will progress. The XRP community, on the other hand, follows the developments and focuses on price movements.
As a result, it is difficult to make definitive predictions about the future of XRP. However, it is anticipated that there may be new movements in the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
