Important Updates on Ripple vs. SEC Lawsuit, Bitcoin (BTC) Price Rally and More: Bit Summary October 17

TL;DR

Ripple and the SEC are entering a new phase of their lawsuit, with filings and appeals stretching the case. Bitcoin briefly broke above $68,000, fueling optimism about a potential bull run with some analysts predicting new all-time highs. Dogecoin soared to nearly $0.13, drawing attention with some bold but unlikely forecasts for further gains.

What to expect from the Ripple vs. SEC front?

The next few days are supposed to be quite eventful for the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). According to Stuart Alderoty (CLO of the company), the regulator has until today (October 17) to submit Form C, “which will give some level of detail about what it plans to pursue”.

Ripple will then have seven days to respond with its own Form C which should present more information about its cross-appeal.

Once these procedures have been completed, both parties must agree on an information schedule. The agency will have 90 days to file its first brief, while Ripple will have an opportunity to respond shortly thereafter. Alderoty believes the full reporting process will take until July 2025.

More recently, Fred Rispoli (an American attorney who has been following developments in the case) shared his thoughts on the SEC’s potential next move. He believes the Commission will appeal Judge Torres’ ruling on “programmatic sales,” “other distribution,” disallowing dumping and the “too low” $125 million fine.

“You could even see the SEC appeal XRP itself is not a security” dicta/holding. The SEC probably won’t win on this, but there’s nothing stopping it from throwing a few paragraphs at it in an appellate brief,” he concluded.

Resurgence of BTC

The major cryptocurrency has broken through in recent days, breaking above $68,000 on October 16. In the following hours, it retreated slightly to the current $67,300, but the bulls seem to be in charge.

BTC Price, Source: CoinGecko

Crypto X is full of analysts who think the ongoing renaissance could be the starting point of a major bull run. Ali Martinez, for example, predicted a rise to a new all-time high of roughly $86,600 if BTC broke through the $67,400 resistance mark.

Captain Faibik and Crypto Rover were even more optimistic. The former predicted a rise to $90,000 if BTC “successfully breaks the upward extension wedge.”

Impressive performance by DOGE

Another cryptocurrency that has seen substantial gains lately is the biggest meme coin in terms of market cap: Dogecoin (DOGE). It rose to almost $0.13 on October 16, currently trading around $0.12.

Price DOGE, Source: CoinGecko

The demonstration drew the attention of several industry participants, some of whom predicted further increases. Ali Martinez presented a chart showing that DOGE has a chance to shoot up to $10.

However, such a price explosion would require its market cap to reach a staggering $1.4 trillion, making the prediction quite unlikely.

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