The protracted legal encounter between Ripple Labs and the SEC remains a significant force shaping the future of XRP. With each unexpected twist in court, the price of XRP tends to oscillate, reflecting the impact of regulations on the perceptions of the crypto market. The latest step taken by the SEC—an appeal against a significant verdict by Judge Analisa Torres, has only increased the uncertainty, highlighting how deeply regulatory scuffles impact the cryptocurrency landscape.
The ripple effect of this lawsuit mainly stems from a decisive verdict made in July, in which the judge ruled that selling XRP to retail investors did not equate to security transactions by Ripple Labs. Drama continues to unfold with the SEC’s choice to appeal this groundbreaking decision. Particularly, their interest in an “interlocutory” appeal—a process normally reserved for extreme circumstances, has caused a stir within the industry.
As the sector watches, trying to predict the repercussions, Ripple’s Chief Legal Officer hints at his bemusement over the SEC’s hasty decision to appeal, adding more uncertainty. The current situation, a complex appeal process layered on top of a tangled lawsuit, indicates there may be even more challenges ahead. Still, many legal authorities within the cryptocurrency realm express solid backup for Ripple Labs, contributing significantly to the recent upswing in XRP’s price.
Renowned cryptocurrency attorney, Jeremy Hogan, believes that even if the SEC was able to win the appeal regarding sale-related issues, Ripple’s setback may not extend to exchanges’ ability to list XRP, unless Ripple is directly implicated. Another distinguished crypto lawyer, Oscar Franklin Tan, currently the chief legal officer for the nonfungible token (NFT) platform Enjin, elucidates the nature of appeals, stating that these typically happen post-trial. But the SEC’s pursuit of an “interlocutory” appeal during ongoing proceedings is evidence of their eagerness to challenge any time they feel strategically advantageous.
The result of this interlocutory appeal could significantly steer the overall direction of the case, and potentially lend momentum to the victor. Amid the legal suspense, investor anxieties, and market swings, all stakeholders in the crypto world are monitoring Ripple’s next move carefully. It’s a critical moment of transformation that could significantly shape XRP’s future and the cryptocurrency landscape at large.
Technically speaking, Ripple’s resistance could be met at the 0.6590 level according to the 50-day exponential moving average; a bullish cross above this level could open the way to buy up to 0.7153 or likely to 0.7700. Conversely, if Ripple falls below the 0.6590 level, there’s a strong likelihood of continued selling. This situation is a reminder that crypto investment involves high risk and should only be pursued with a keen understanding of market fluctuations and trends.
Source: Cryptonews
