The legal struggle between Ripple and the U.S. Securities and Exchange Commission (SEC) is far from over. The SEC has decided to appeal district court rulings in the XRP case, while Ripple plans to file a cross-appeal against the regulator’s arguments. As the crypto industry navigates regulatory threats, XRP has seen its price remain relatively flat this week.
The SEC has officially submitted its Form C to the Second Circuit Court of Appeals, a required preliminary discussion statement requested by the U.S. Court of Appeals. Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have both claimed that the SEC missed the deadline for this filing. Furthermore, there are reports that the SEC also delayed submitting its Form C by several days.
The SEC is appealing summary judgments related to Ripple’s XRP sales, which were conducted through crypto exchanges and distributed to employees and others. SEC Chair Gary Gensler continues to ramp up actions against the crypto market, despite recent losses in cases involving Binance and other entities. Ripple’s legal team, led by Stuart Alderoty, has been vocal in criticizing Gensler’s aggressive regulatory approach.
Impact on XRP Price
The lengthy legal battle between Ripple and the SEC has undoubtedly affected XRP’s price. While some experts suggest these appeals could stretch for several more years, other analysts believe Ripple’s ongoing developments tell a different story. Ripple is preparing to launch RLUSD, a new stablecoin, and has initiated crypto custody services for banks and fintech companies.
According to a price analysis from CoinGape, the introduction of RLUSD and continued XRP Ledger adoption could see XRP’s price hit $1 after the stablecoin launch. Meanwhile, optimism persists in the crypto space that the SEC might eventually approve an XRP ETF. However, Bitnomial’s XRP futures have faced obstacles due to the SEC’s assertion that futures fall under both SEC and CFTC regulations.
Despite the ongoing legal wrangling, XRP’s price increased by just 1% this week, hovering around $0.54, with trading volume dropping by 30% over 24 hours. This drop in volume suggests waning investor interest as the legal battle drags on.
The outcome of Ripple’s court case with the SEC will continue to shape the future of XRP and could have a lasting impact on the broader crypto industry. With Ripple’s new initiatives and partnerships, investors will need to keep a close watch on legal and market developments to navigate this uncertain period.
Stay tuned to Dey There for more updates on the Ripple vs. SEC case and other important cryptocurrency news.
Ripple, XRP, SEC, XRP price, XRP Ledger
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