US Judge Denies SEC Appeal, Ripple’s Legal Victory Boosts XRP Price
A US judge has denied the Securities and Exchange Commission’s (SEC) appeal against a July ruling that favored Ripple. The trial between Ripple and the SEC is scheduled for April 23, 2024. Following Ripple’s legal victory, the price of its cryptocurrency XRP rose to around $0.55, with a previous jump to over $0.85.
What Happened Last Week?
In a recent court decision, US judge Analisa Torres dismissed the SEC’s wish to appeal the ruling from July, which stated that Ripple’s XRP sales did not constitute an offer of investment contracts. This decision has fueled optimism for a decisive victory for Ripple in the upcoming trial on April 23, 2024, which could have significant implications for the cryptocurrency sector and future regulations in the US.
As a result of this legal win, XRP experienced a price increase, reaching almost $0.55. It’s worth noting that after Ripple’s first victory in the summer, XRP surged by over 70% and surpassed $0.85.
Could the SEC Drop the Case?
Some analysts speculate that the SEC may withdraw all charges against Ripple and its CEO Brad Garlinghouse to avoid exposing any potential corruption during a trial. However, many Twitter users believe this scenario is unlikely based on the SEC’s determination in previous cases. Instead of dropping the case, they predict that the agency may try to delay its conclusion as long as possible.
Hot Take: Ripple Gaining Momentum as SEC Faces Setbacks
Ripple’s recent legal victories against the SEC have given hope to supporters and investors. With each favorable court ruling, Ripple gains momentum and the price of XRP sees significant increases. While some speculate that the SEC may drop the case, it is more likely that they will continue to pursue it or seek delays. The outcome of this trial could have far-reaching implications for the cryptocurrency industry and regulatory environment in the US. As April 23, 2024 approaches, all eyes will be on Ripple and the SEC as they battle it out in court.
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