XRP rallied on Sunday, avoiding dropping below $0.50 for the second consecutive day, while Ripple has until September 1 to respond to the SEC filing and the SEC has until September 8 to address any response. Capitol Hill is being watched for potential developments in US crypto regulation.
XRP, one of the largest tokens by market cap, has lost a significant amount of value due to bearish sentiment in the market and the impact of Ripple Labs' court ruling with the SEC, reversing its gains from earlier this year.
The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.
Ripple (XRP) price remains below $0.55 due to bearish market sentiment, but on-chain indicators suggest XRP is undervalued and could experience a 20% rebound if transactional activity increases and long-term investors continue to hold.
Judge Analisa Torres is expected to reject the SEC's interlocutory appeal regarding the Ripple case, potentially delaying a complete appeal until late 2024, according to attorney John Deaton, who believes the judge made a fair decision based on applying the Howey test to each charge brought by the SEC. Deaton also discussed the challenge of holding regulators accountable due to qualified immunity.
Ripple attorneys are preparing for the SEC's appeal in the lawsuit, with a focus on the Howey Test and former SEC official William Hinman's speech, while XRP is at risk of closing September with losses based on historical trends and struggles to start an upward trend.
Lawyers representing Ripple in its lawsuit with the SEC argue that the regulator has not met the requirements to request an appeal in the case regarding the classification of XRP as a security for sales to retail investors.
Ripple has objected to the SEC's motion to file an interlocutory appeal, arguing that the SEC failed to establish the conditions necessary for approval; meanwhile, Ripple's XRP token has seen a strong start to the month with high on-chain metrics.
Ripple opposes the SEC's request for an immediate appeal in the recent lawsuit ruling, arguing that the appeal does not meet the necessary requirements and will only prolong litigation.
A court ruling that declared Ripple's XRP token not a security offering may signal a shift in the US legal system's approach to cryptocurrency regulation and ongoing SEC lawsuits.
The U.S. SEC is seeking an appeal in the Ripple Labs lawsuit, arguing that there are contentious legal issues surrounding the court's application of the law and the Howey Test that warrant a review. The SEC is requesting a stay on proceedings until the resolution of the appeal.
Ripple Labs' legal counsel accuses the SEC of hypocrisy for seeking an appeal in the recent XRP court ruling after claiming that the rules were clear and must be followed.
A federal judge ruled that Ripple's sales of the token XRP to retail purchasers were not unregistered sales of "securities," while another judge ruled that the stablecoin UST and the token LUNA were sold as "securities," setting the stage for the SEC's suit against Coinbase and creating legal uncertainty for the broader crypto industry.
A federal judge has rejected Bill Hwang's bid to dismiss the Securities and Exchange Commission lawsuit against him, which accuses him of fraud in connection with the collapse of his firm Archegos Capital Management.
District court judge Analisa Torres has denied the SEC's motion to appeal its loss against Ripple Labs, stating that the regulator did not demonstrate substantial grounds for a difference of opinion.
The US District Court of New York has rejected the SEC's request to appeal the ruling that XRP is not a security for retail sales, stating that the SEC did not offer a convincing justification for an appeal.
XRP prices rose after Ripple obtained a license to offer key services in Singapore and the SEC lost a bid to appeal the Ripple case, causing trading volumes to spike to $1.7 billion.
The recent court order denying the SEC's interlocutory appeal against Ripple has divided crypto lawyers and commentators, with some considering it a win for Ripple, while others caution against excessive enthusiasm and point out that the SEC can still appeal the case after the trial.
A U.S. federal judge rejects the SEC's bid to appeal against Ripple, causing XRP's price to rally, while FTX founder Sam Bankman-Fried's trial continues with a dispute over the evidence, and a new data platform developed by the Bank for International Settlements could support future regulation of the crypto market.
A US judge denied the Securities and Exchange Commission's attempt to appeal a ruling that digital tokens are not securities when sold to the general public, dealing another blow to the agency's efforts to regulate the crypto industry.
A crypto analyst expresses bullish sentiment on XRP after a US court rejects the SEC's attempt to appeal a decision in Ripple's favor, stating that XRP sales did not violate securities laws, while also sharing bearish sentiments on Ethereum and bullish expectations for Bitcoin's support level.
Judge Analisa Torres rejected the SEC's motion to appeal its loss against Ripple Labs, allowing the XRP price to surge; however, a trial is scheduled for April 2024 to address remaining issues in the case.
The Ripple XRP price has fallen below a critical support area, with unsuccessful attempts at reclaiming it, causing a further decrease, but a weekly close above $0.53 could signal a bullish trend.
The United States Securities and Exchange Commission (SEC) plans to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen in their ongoing civil lawsuit, although the case against Ripple itself is not yet dropped. The SEC's decision to drop the charges against Garlinghouse and Larsen, who were accused of violating securities laws through the sales of XRP tokens, may indicate a potential appeal regarding the court's ruling on XRP's security status. The SEC has other ongoing cases involving prominent figures in the crypto industry, as well as civil lawsuits against crypto exchanges Binance and Coinbase.
XRP, the fifth-largest digital asset, experienced a 6.5% gain as the SEC dropped securities-violations charges against Ripple's top leaders, leading to a spot-driven rally.
The United States Securities and Exchange Commission (SEC) is unlikely to win its appeal against Ripple in the ongoing lawsuit, with a slim chance of success estimated at only 3%, according to lawyer Bill Morgan who has been closely following the case.
