Ripple’s Legal Battle Continues: Trial Date Set for 2024
The ongoing legal battle between Ripple and the SEC took a significant turn as the United States District Court for the Southern District of New York set a trial date for the second quarter of 2024. This decision comes after the court rejected the SEC’s motion for an interlocutory appeal, dealing a setback to the regulatory body.
Judge Analisa Torres, in her rejection, highlighted that the SEC failed to demonstrate how the court’s previous ruling misapplied the Howey test, which is crucial in determining securities status. She also noted that an interlocutory appeal was unlikely to lead to a reversal of judgment, and other factors supported XRP’s classification.
What Does This Mean for XRP Price?
In response to this news, XRP experienced a notable price surge of 4%, showing how legal developments can impact cryptocurrency prices. Analysts have made various predictions about XRP’s future price movements. Egrag Crypto boldly projected a potential surge of over 1,000%, envisioning XRP trading at $6.7 based on its support above a 10-year trendline.
Another analyst suggests that XRP may be on the verge of breaking out from its recent sideways trading pattern, similar to other digital assets like MakerDAO’s $MKR. These predictions highlight how legal developments and technical analysis can significantly influence cryptocurrency prices.
Wells Fargo Manager Shannon Thorp believes that as the crypto sector expands to a projected $250 trillion, it could propel XRP’s price to $500.
Hot Take: Ripple’s Road Ahead
The recent developments in Ripple’s legal battle have provided some relief and optimism for XRP. With the trial date set for 2024 and the SEC’s interlocutory appeal rejected, Ripple has an opportunity to regain its lost glory. The court’s decision underscores the importance of the Howey test and raises questions about the SEC’s case against Ripple. As XRP continues to navigate the legal landscape, its price movements will be closely watched by investors and enthusiasts alike.
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