Ripple Secures Victory Against SEC, But Legal Battle Continues
Ripple, the blockchain entity behind XRP, achieved a significant legal victory against the US Securities and Exchange Commission (SEC) in July, resulting in a revival of XRP’s price. However, the SEC is not satisfied with the court’s decision and has requested permission to appeal the ruling. Recently, the SEC formally filed its position to challenge the court’s decision.
The Latest Development in the Ripple/SEC Saga
The SEC is appealing the court’s decision that most of Ripple’s XRP sales were not unregistered securities. The disagreement centers around “programmatic” sales and “other distributions.” The court ruled that the former did not violate securities laws, while the latter includes offers and sales of XRP in exchange for goods and services.
This lawsuit, which has been ongoing for three years, holds great significance for the cryptocurrency industry. A win for Ripple could have a positive impact on the industry’s future, while an SEC victory could hinder crypto’s progress in the US. The lawsuit is closely watched by XRP investors, with a majority of them located in the US.
XRP’s Price Performance
XRP experienced a surge in price following the court victory and subsequent appeal by the SEC. The token’s value increased by over 70%, surpassing $0.80. However, the momentum was short-lived, and XRP’s price has since declined by 44%, currently trading at around $0.47.
Hot Take: Ripple’s Legal Battle Continues to Impact XRP’s Price
The ongoing legal battle between Ripple and the SEC continues to influence the price of XRP. While Ripple secured a significant victory initially, the SEC’s appeal has created uncertainty and volatility in the market. The outcome of this lawsuit holds significant implications for the entire cryptocurrency industry, as it could shape the regulatory landscape in the US. XRP investors eagerly await the final resolution, as it will determine the future development of Ripple and its native token. Until then, XRP’s price is likely to remain sensitive to any updates and developments in the legal proceedings.
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