Ripple CLO Delivers Major Update To The Community, Is XRP Reaching $1 Mark Soon?
In a significant development, Ripple’s Chief Legal Officer, Stuart Alderoty, provided an update following the U.S. Securities and Exchange Commission’s (SEC) recent filing of Appeal Form C in the ongoing SEC vs. Ripple Labs litigation. He shared positive news with the XRP community regarding the SEC’s decision not to appeal Judge Torres’ summary judgment that classified XRP as a non-security. This decision has bolstered community sentiment, with many speculating that XRP’s price might soon reach the $1 mark.
Overview of the SEC’s Appeals in the Ripple Case
The SEC’s Appeal Pre-Argument Statement highlights its objections to several key rulings made by the federal courts. The primary matters under appeal include:
- The summary judgment regarding the sale of XRP through cryptocurrency exchanges conducted by Ripple.
- XRP distributions made to employees and other entities by Ripple.
- XRP transactions executed by CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
The SEC’s appeal specifically questions whether the district court mistakenly granted partial summary judgment in favour of Ripple, particularly concerning the offers and sales of XRP on digital trading platforms and the alleged aiding and abetting by Garlinghouse and Larsen.
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Legal commentator James Murphy, also known as MetaLawMan, expressed surprise that the SEC did not include an appeal regarding the disgorgement ruling during the remedies phase. Furthermore, the agency has chosen not to contest the previously imposed $125 million in penalties.
Attorneys Fred Rispoli and Marc Fagel confirmed that the final judgment is encompassed within the notice of appeal, allowing the SEC to address these findings in its upcoming briefs while initially focusing on XRP programmatic sales. Nevertheless, the XRP price observed a slight downturn amid these developments.
A number of legal experts, including Jeremy Hogan and Bill Morgan, criticized the SEC for reigniting allegations against Garlinghouse and Larsen. Additionally, concerns were raised about the SEC’s adherence to the Form C filing deadline, with accusations of potential backdating.
Alderoty’s Communication to the XRP Community
Stuart Alderoty took to X platform to communicate with the community, emphasizing that the classification of XRP as a non-security remains unchallenged. He asserted that the current ruling holds definitive legal weight, urging the community to anticipate Ripple’s response to the SEC’s filing, with Ripple expected to submit its Form C next week. Traders are optimistic about a potential rebound in XRP prices following this filing.
Market Implications for XRP
With the SEC refraining from contesting XRP’s non-security designation, market sentiment has turned optimistic, fuelling speculation that XRP could surpass the $1 threshold in the current bullish climate. Ripple’s CEO, Brad Garlinghouse, remarked on the shifting landscape, implying that SEC Chair Gary Gensler’s influence may wane, regardless of the 2024 presidential election’s outcome.
Despite a recent 1% decline in XRP’s price currently trading at $0.55 with a 24-hour range between $0.540 and $0.564 trading volumes have seen an 11% reduction within the last day. Notably, analyst Egrag Crypto has predicted a potential rally to $1.5 in the near term.
In the derivatives market, according to Coinglass data, XRP buying interest remains robust despite the dip caused by the recent crypto expiry on Friday, with total XRP futures open interest rising over 2% in the last four hours, totalling approximately $1.40 billion (valued at $770 million).
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