The Landmark Ruling for XRP: The Only Altcoin with Legal Certainty in the US
In a significant development for the altcoin industry, XRP has emerged as the sole altcoin with legal certainty in the United States. This landmark ruling was made by Judge Analisa Torres, marking a crucial turning point for XRP. Attorney John Deaton, a prominent crypto lawyer who supports XRP enthusiasts in an ongoing litigation, discussed the implications of this pivotal judgment.
Decoding the Ruling
Attorney Deaton explained that the court’s refusal of the SEC’s interlocutory appeal request is noteworthy. Such appeals are typically considered only if the appellate court has not yet reviewed the case specifics. However, in this instance, Judge Torres carefully reviewed the facts before reaching her conclusion. According to Attorney Deaton, this decision provided the SEC with a clear understanding and reaffirmed the judge’s initial ruling.
The SEC’s case against Ripple continues to crumble.
Dismissal motion update: https://t.co/4r1RmMqf8K
— Brad Garlinghouse (@bgarlinghouse) October 5, 2021
Ripple’s CEO, Brad Garlinghouse, expressed his perspective on the judgment. He stated that the court assessed the situation based on the SEC’s own Howey test criteria and concluded that the SEC’s position was unfounded.
Market Response: How XRP is Doing
The financial market reacted swiftly to this significant ruling. Following Judge Torres’ decision in favor of XRP, the cryptocurrency experienced a price boost. Although it briefly reached $0.55, there was a minor dip on October 4th.
While the demand for XRP futures remained relatively stable, there was a notable 13% growth in open interest compared to the previous day. However, it is important to note that the current open interest of $590 million still lags behind last month’s $794 million figure. Currently, XRP is priced at $0.52.
Hot Take: The Turning Point for XRP
The recent ruling by Judge Analisa Torres has brought significant legal certainty to XRP, making it the only altcoin with such clarity in the United States. This decision has far-reaching implications not only for XRP but for the entire altcoin industry. The court’s refusal of the SEC’s appeal request and its assessment based on the SEC’s own criteria have dealt a blow to the SEC’s case against Ripple. As a result, XRP experienced a positive market response, although some fluctuations were observed. With this ruling, XRP has taken a major step forward in establishing itself as a legitimate cryptocurrency.
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