Increased rumors of a possible appeal

TL;DR

Ripple won a partial victory against the SEC, but the regulator has until October 7 to appeal the decision. The price of XRP remains stable at $0.59, with some predicting an astronomical rise in the near future. What could be next?

The legal battle between Ripple and the Securities and Exchange Commission (SEC) continues. In August, Judge Torres ruled that sales of XRP in secondary markets to retail investors did not constitute securities transactions. However, it ordered Ripple to pay $125 million for violating certain securities laws.

While the amount may seem substantial, it actually represents a 94% discount over the initial SEC filing. As such, many industry participants called the development a major win for Ripple, suggesting that the company will pay the penalty. On the other hand, some believe the agency is more likely to struggle. The deadline for this move is October 7.

More recently, Eleanor Terrett (a reporter who works for Fox Business) said she was told by a former SEC attorney that the regulator will “probably” appeal Judge Torres’ decision starting in July 2023 on “the XRP programmatic sales in the case of Ripple”. The lawyer allegedly stated that “everyone there (at the SEC) really believes that the decision is wrong, that it’s not good law, and it should be appealed.”

Rumors of such a potential watchdog move sparked heated debates on X, with several users disagreeing with this scenario. Popular lawyer Jeremy Hogan argued that the SEC should think carefully about whether an appeal “broadens its mandate of investor protection and capital formation.”

“Why isn’t that more important? More evidence that the SEC has lost the plot,” he added.

XRP Price Outlook

The uncertainty surrounding the Ripple vs. SEC case could be one of the factors holding back XRP from following the recent resurgence of the cryptocurrency market. The price of the asset is around $0.59, roughly the same figure seen a week ago.

XRP Price, Source: CoinGecko

However, many analysts are optimistic that it will soon experience a bull run and reach a new all-time high. JackTheRippler, for example, recently assumed that October could be “a life-changing month” for token holders.

EGRAG CRYPTO was even more optimistic, stating that XRP could shoot up to $13 in the following months. Such an explosion would require its market cap to reach more than $670 billion, which makes the forecast quite improbable (to say the least).

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