An SEC spokesperson said the commission finds Judge Annalisa Torres’ 2023 XRP ruling to be a major contradiction to a decade of precedent set by the Supreme Court. Analysts predicted that the SEC appeal may not prevent XRP from hitting new all-time highs.
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs plan to continue a series of legal proceedings after the commission files a notice of appeal with the state Court of Appeals for the Second Circuit. As we reported on October 3, Ripple has promised to be defensive.
Details coming soon
CNF reported last year that U.S. District Judge Annalisa ruled that the sale of XRP to retail investors through exchanges does not violate federal securities laws. More than a year after this historic decision, the SEC appears not to be satisfied, as a spokesperson revealed that the decision contradicts precedent set by the Supreme Court. Meanwhile, the SEC’s prominent enforcement chief, Sarbir S. Grewal, announced his resignation, sparking speculation that there may be internal disagreements over the Ripple scandal.
In response to the appeal, Ripple CEO Brad Garlinghouse called the decision “unreasonable” and argued that the commission had damaged its reputation and integrity.
We intend to fight in court for as long as necessary, but let’s be clear: XRP’s status as a non-security is the law today, and that will not change in the face of this misguided and vexatious appeal. No. . Recall that when the SEC unsuccessfully tried to file an “interlocutory appeal,” they made it clear that they had no intention of challenging XRP’s non-securities status. )
The appeal decision comes as no surprise, according to Ripple’s chief legal officer Stuart Alderotti, who said the appeal decision is not surprising, as the commission is reluctant to engage in a “litigation war against the industry” instead of enforcing the law. He said it was unfortunate because it highlighted the concerns of the public. In response, Alderoti revealed that Ripple may file a cross-appeal.
We are considering whether to file a cross-appeal. Either way, the SEC’s lawsuit has been absurd and misguided from the beginning, and we are prepared to prove it again in the Court of Appeals (again leading the industry).
Analysts are bullish on XRP
Regardless of the current situation, cryptocurrency analyst Bobby A hinted that technical indicators and macro charts point to a bullish outlook. He said situations like SEC appeals typically force unsophisticated investors out of the market and miss out on the ensuing bull run. Bobby A cited a previous scenario and highlighted that XRP rose from $0.11 to $1.95 despite the 2020 lawsuit.
Source: Bobby A from X
CNF reviewed his analysis and found that he expects the current cycle to mirror the 2016-2017 movement.
As in 2016, prices are tightly wrapped around all important higher timeframe moving averages, including the monthly Bollinger Bands’ midline.
Reinforcing his position, Bobby A hinted that Donald Trump’s possible re-election and XRP’s current fundamentals could push the price to new all-time highs.
As mentioned above, the charts of XRPETH and XRPBTC do not look like this is the beginning of a long bear market, but instead could capitulate in deep value territory.
At the time of writing, XRP was trading at $0.53 after falling 13.8% over the past seven days.
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