Ripple’s Chief Legal Officer Stuart Alderoty has delivered significant news to the XRP community. The U.S. Securities and Exchange Commission (SEC) has decided not to appeal Judge Torres’ summary judgment that declared XRP is not a security. This development has sparked optimism within the XRP community, with many hoping that XRP’s price could soon reach $1.
SEC’s Focus in the Ripple Case
While the SEC chose not to appeal the decision regarding XRP’s non-security status, it has appealed the summary judgment related to Ripple’s XRP sales on cryptocurrency exchanges and the actions of its executives. The SEC is particularly focused on the sales conducted by Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen. Additionally, the SEC’s decision not to appeal the $125 million penalty or the restitution process has drawn attention.
Legal experts, including Fred Rispoli and Marc Fagel, confirmed that the SEC is primarily targeting programmatic XRP sales. This move caused a short-term price drop in XRP, though the broader market remains cautiously optimistic.
Ripple’s Strong Response
Stuart Alderoty assured that Ripple would respond to the SEC’s appeal. He emphasized that XRP’s status as a non-security is now firmly established, encouraging the community to remain patient and vigilant. This statement has bolstered morale among XRP supporters.
XRP Price Expectations
The SEC’s decision not to appeal XRP’s security status has created a wave of optimism in the market. Analyst Egrag Crypto predicts that XRP could rise to $1.50 in the near future. Currently, XRP is trading at $0.55, although there has been an 11% drop in trading volume over the past 24 hours. In the futures market, however, XRP purchases continue to grow, with open positions increasing by more than 2%, reaching $770 million.
New Developments in the Case
The SEC’s renewed focus on Garlinghouse and Larsen has drawn criticism from several lawyers. Additionally, there have been allegations that the SEC missed its Form C filing deadline and backdated certain documents.
Ripple remains focused on monitoring how the legal process will unfold, while the XRP community continues to keep a close eye on price movements and market dynamics.
In conclusion, while it remains difficult to make definitive predictions about XRP’s future, the market is expected to experience new shifts in the coming weeks. For further updates on this case, follow Dey There for the latest news.
XRP, SEC, Ripple, Brad Garlinghouse, XRP price
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