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Our analysis of the situation
The drama continues in the crypto world as the U.S. Securities and Exchange Commission (SEC) shows no signs of backing down in its ongoing legal battle with Ripple. Despite a hefty penalty of $125 million issued against Ripple, the SEC is reportedly considering taking the matter to an appeal court. However, Ripple's Chief Legal Officer, Stuart Alderoty, seems unfazed by the prospect, boldly asserting that the SEC has a mere 10% chance of winning the appeal.
In a recent interview, Alderoty exuded confidence in Ripple's position, expressing optimism about a swift resolution to the case within the next 24 days. He also revealed that Ripple is actively working on paying the imposed penalty to expedite the closure of this chapter.
Alderoty views the SEC's potential appeal as a futile exercise, citing historical trends that indicate a low success rate for appellants in higher courts. With a touch of wit, he suggested that engaging in an appeal would be a "sheer waste of time," especially given the irrational behavior the SEC has displayed in the past. Despite the looming uncertainty, Ripple remains poised to face any further legal challenges from the regulator.
Asserting the clarity of the court's ruling, Alderoty emphasized that under current law, XRP secondary market sales do not qualify as securities. This stands as a firm declaration of Ripple's stance in the legal battle.
Meanwhile, as the XRP lawsuit continues to unfold, market observers eagerly anticipate the future prospects for XRP, including the possibility of a Ripple-sponsored XRP exchange-traded fund (ETF). Notably, industry players like Binance US are hinting at a positive outlook for the altcoin once the SEC lawsuit becomes a thing of the past.
Amidst the legal tussle and the uncertainty it brings, the XRP price experienced temporary surges, momentarily breaching the critical support level of $0.60. However, ongoing market volatility has since caused fluctuations, with XRP currently trading at $0.5682 according to CoinMarketCap data.
As the crypto community awaits the final outcome of the XRP lawsuit, Ripple remains undeterred and resolute in its stance, ready to navigate whatever lies ahead in its quest for resolution and clarity.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!