Ripple (XRP) recently filed a cross-appeal with the US SEC in this case and is continuing a lengthy legal battle. Meanwhile, the XRP token is showing signs of recovery and is aiming to reach $0.60.
Let’s find out more in this article.
Legal battle between Ripple (XRP) and SEC intensifies with new appeal
As mentioned above, the long and complicated legal battle between Ripple and the US Securities and Exchange Commission (SEC) has taken a new turn.
In fact, Ripple recently filed a notice of cross-appeal with the U.S. Court of Appeals for the Second Circuit.
The appeal comes days after the SEC itself requested an appeal, and represents a further extension of a legal dispute that began in 2020.
Recall that the key issue at the heart of the controversy is whether the XRP tokens issued by Ripple should be considered securities under U.S. securities laws.
The resolution of this case will likely not only affect Ripple, but the entire crypto sector in bull and bear markets.
It also highlights that the Ripple-SEC case is one of the most important cases in the crypto sector, as it has the potential to redefine how cryptocurrencies are classified and regulated in the United States.
As you know, the SEC filed a lawsuit against Ripple in 2020 for selling XRP as an unregistered security.
However, the August 2023 ruling appeared to represent a partial victory for Ripple, as the court ruled that the sale of XRP to retail investors did not fall under the definition of securities.
Nevertheless, the battle is not over. Ripple has decided to file a cross-appeal to challenge certain aspects of the judgment, particularly the investment contract issue.
Stuart Alderroti, Ripple’s chief legal officer, said the company intends to “leave nothing behind.”
In this way, it emphasizes the importance of arguing that there can be no investment contract without rights and obligations essential to the contract.
XRP is on the rise: the cryptocurrency aims for $0.60
Ripple’s XRP token is showing signs of recovery as the legal battle rages on. According to data from CoinMarketCap, XRP has gained 3.5% in recent days and is currently trading at around $0.53.
This level of volatility is not unusual for tokens, but the recent bullish trend has caught the attention of investors.
One of the most interesting aspects of this movement is the accumulation of XRP by so-called “balaines”, or large investors.
According to the latest analysis, approximately 300 million XRP tokens have been purchased in recent weeks. This accumulation suggests that investors expect further growth in the value of the token.
The next resistance level to overcome is set at $0.55. If XRP can overcome this obstacle, it could pave the way for another bull run, with the goal of reaching $0.60.
This threshold represents an important target for traders looking to take advantage of the recent bullish rally in the cryptocurrency market.
The future of Ripple and XRP
Despite legal uncertainty, Ripple continues to drive adoption of its token and blockchain technology.
The company has established itself as one of the leading companies in the field of digital payments and cooperates with various financial institutions around the world.
The outcome of the lawsuit with the SEC will be crucial in determining Ripple’s future in the US, but the company has already demonstrated its ability to expand globally and reduce its dependence on the US market.
Meanwhile, the cryptocurrency community is closely monitoring XRP’s legal developments and market movements.
While this litigation could still drag on for months, if not years, the market appears optimistic about the token’s long-term prospects.
