Ripple and the XRP community are enjoying a partial win in their clash with the SEC, but the drama might not be over! As the deadline for the SEC to appeal looms, tensions could rise again. Will things heat up?
Keep reading to find out!
In a recent X post, attorney Jeremy Hogan speculated that the SEC might still be undecided about whether to appeal the Ripple lawsuit. Hogan pointed out that filing a Notice of Appeal is a quick and straightforward process that takes just 15 minutes. Once the notice is filed, the SEC would have 70 days to submit the actual brief. Given the importance of the case, Hogan believes the SEC would not delay filing if they had already decided to appeal, especially since the current ruling isn’t favorable to their position.
Ripple and SEC Request Stay on Monetary Judgment
Meanwhile, Ripple and the SEC have jointly requested a stay on the $125 million monetary portion of the court’s judgment. This request comes just days before the September 6 deadline for Ripple to pay the penalty ordered by Judge Analisa Torres. While Ripple previously indicated no plans for an appeal, this recent move suggests the company could be reconsidering its strategy. The stay, if granted, would put the payment on hold, giving both parties more time to prepare for a potential appeal.
Cross-Appeal Possibilities
Former SEC lawyers, including James Farrell and Marc Fagel, have expressed confidence that the SEC may file an appeal before the 60-day deadline, which expires in early October. Ripple, however, would need to file a cross-appeal in the Second Circuit Court to challenge the ruling more comprehensively. If Ripple chooses not to cross-appeal, it effectively accept the $125 million penalty without further dispute, limiting the court’s ability to address additional issues.
XRP Price Rebounds Amid Legal Developments
Following the news of the stay request, XRP saw a modest 2% price increase, reaching $0.562. Trading volume spiked by 36%, suggesting growing interest from traders and investors. However, XRP’s price faces critical resistance at $0.565. A failure to hold this level could result in a drop to $0.5326, and further down to $0.47 if bearish momentum continues. On the other hand, reclaiming $0.57 could spark a more bullish trend for XRP, depending on the lawsuit’s outcome.
Looking Ahead
With the SEC yet to file a Notice of Appeal and Ripple seeking a stay, the XRP community is eagerly watching the next legal moves. Both parties seem to be gearing up for the possibility of an extended legal battle, and the final decision could have lasting effects on XRP’s price and the broader crypto market. The next few weeks are crucial as Ripple and the SEC navigate this high-stakes legal terrain.
Also Check Out: Ripple News: Why XRP Price Isn’t Soaring Despite New Ripple Features; Bill Morgan Weighs In
