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Cryptocurrency News Articles
SEC Officially Appeals the Ruling on the Ripple Case, XRP Holders Might Face Market Fluctuations
Oct 06, 2024 at 10:37 pm
The U.S. Securities and Exchange Commission (SEC) has officially appealed the ruling on the Ripple case. The appeal comes after long speculations
The U.S. Securities and Exchange Commission (SEC) has officially filed an appeal against the ruling in the Ripple case. This move was widely anticipated following the court's decision to grant summary judgment in favor of Ripple in December 2022.
The SEC's appeal was documented by the U.S. Court of Appeal as part of the case titled Securities and Exchange Commission v. Ripple Labs Inc. The case has now been placed in the Second Circuit PACER docketing system.
Reacting to the SEC's filing, Edward Farina, XRP Head of Social Adoption on X, alleged that the lawsuit was a tool for market manipulation. Farina highlighted XRP's price performance, which soared by over 1,000% despite the legal uncertainty.
According to Farina, higher forces, such as market makers and insiders, were using the case to manipulate XRP. He claimed that these actors, who remained unknown to community members, operated on a separate timeline. Despite the challenges, Farina urged investors to remain patient and embrace the journey.
“Our path to success lies in recognizing that we are early adopters of the most disruptive technology ever created. XRP is at the core of the new financial system, and our mission is to HODL patiently while embracing the journey.”
Following the SEC's appeal, several actions could unfold, including a potential cross-appeal by Ripple. There is a 14-day window for Ripple to pursue this course of action.
If Ripple does not file a cross-appeal, the SEC is expected to submit its brief by December 2, 2024. However, the regulatory body may request an extension, pushing the due date to January 1, 2025.
According to legal practitioner Fred Rispoli, by his estimation, opposition briefs could be due by February 2, 2025. If Ripple demands an extension, it could shift to March 2, 2025.
The commencement of oral arguments may be delayed till around September or October of 2025. With this projection, the earliest a ruling may occur will be in January 2026. Rispoli anticipates the ruling may linger until March or April 2026.
This aligns with Farina's claims that the lawsuit could drag on until 2027. As the legal battle unfolds, XRP's price movements are expected to be closely monitored by investors. At the time of writing, XRP price was trading down by 0.87% to $0.527 in the last 24 hours.
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