Is XRP Price Ready to Hit $2❓
Is XRP Price Ready to Hit $2❓
Why the SEC Might Regret This Appeal!
In the ongoing legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple’s Chief Legal Officer, Stuart Alderoty, shared his thoughts on the SEC's appeal. His insights help clarify what might happen in the coming months.
The SEC Appeal: What to Expect
Alderoty believes the SEC's appeal could either support or expand Judge Analisa Torres's earlier ruling. This means the Second Circuit might back her decisions, strengthening Ripple's position. A less likely outcome is that the case could be sent back to Judge Torres for more review.
The SEC's Challenges
In a recent post on X, Alderoty showed confidence in Ripple's situation. He thinks the SEC has little chance of changing Judge Torres's rulings. Instead, the best the SEC might achieve is a remand to the lower court, which would allow Ripple to bring up its original defenses, including the "Fair Notice" defense. This defense questions whether an average person would know their actions were illegal.
Alderoty humorously suggested that the SEC might argue Judge Torres wasn't a person of "ordinary intelligence" in her ruling against them, highlighting the unusual nature of the situation.
A Light-Hearted Comparison
To make his point, Alderoty compared the SEC's pursuit of Ripple to the story of “Moby Dick,” with SEC Chair Gary Gensler as Captain Ahab. He also noted that the situation resembles the comedy in “My Cousin Vinny,” showing the SEC's perceived overreach in enforcement.
Community Sentiment and XRP Price
Ripple’s recent legal wins have raised hope among the XRP community. Courts have ruled that XRP is not a security, and this decision is still standing. This has increased confidence among investors, with many expecting XRP's price to rise.
Currently, XRP is trading at $0.55, up 2% over the past week as Per Coinpedia markets data. The cryptocurrency has a market cap of $30 billion, and its 24-hour trading volume is $784 million.
For more details on XRP's price and the effects of legal proceedings, check out the full XRP price prediction article.
Looking Ahead
Despite ongoing legal challenges, Ripple's upcoming launch of its RLUSD stablecoin could boost XRP's price, with some analysts predicting it could reach the $2 milestone.
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