Judge Dismisses SEC’s Appeal in Ripple Case
In the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), a federal judge has dismissed the regulator’s appeal to overturn a previous court decision. This decision favored Ripple by stating that the XRP sales conducted by the company did not constitute an offer of investment contracts. The dismissal of the appeal has further boosted optimism within the XRP community, as they believe a decisive victory is now within reach.
Impact on US Crypto Regulations
The outcome of the lawsuit between Ripple and the SEC, scheduled for April 23, 2024, could have significant implications for crypto regulations in the United States. If Ripple emerges victorious, it may shape the regulatory environment for cryptocurrencies moving forward. Both parties are required to submit all necessary documents and pretrial filings by December 4, 2023.
XRP Price Reaction
Following the dismissal of the SEC’s appeal, the price of XRP experienced a spike, reaching $0.55 before retracing slightly to around $0.52. This surge in price is not as significant as the previous court decision in July when XRP surpassed $0.85.
Hot Take: Ripple’s Legal Victory Bolsters Confidence in XRP
Ripple’s legal win against the SEC’s appeal has instilled confidence among XRP holders and supporters. With each positive development in their legal battle, Ripple inches closer to a potential victory that could reshape crypto regulations in the US. Although XRP’s price reaction was not as dramatic as before, it still reflects the market’s belief that Ripple is gaining an upper hand in this high-stakes lawsuit.
By
By
By