2024-9-5 10:20 |
Ripple has requested that the court delay enforcing the $125 million judgment amount from their lawsuit with the SEC until 2026. They have proposed placing 111% of the judgment into an escrow account to ensure funds are available if needed after all appeal options are exhausted.
This stay would hold the funds until 30 days after any potential 60-day appeal window closes. It aims to provide a buffer period for both sides to prepare for further legal proceedings if appeals move forward.
Fred Rispoli, a crypto analyst, assuaged concerns about a possible SEC appeal. He noted that no final ruling is expected until 2026 due to standard appeal timelines. Rispoli also pointed out the SEC has decreased the impact of this case by taking action against exchanges and designating other assets as securities. According to Rispoli, if Ripple or XRP face future issues, it likely won’t be solely due to the SEC’s lawsuit.
To those freaking out over possible #SECvRipple appeal: Don't. There won't be a ruling until 2026. SEC suing exchanges and alleging multiple tokens as securities has lessened the sting dramatically. If Ripple and/or #XRP don't make it now, it's not because of the SEC's case.
— Fred Rispoli (@freddyriz) September 5, 2024Despite the ongoing legal battle, Ripple CEO Brad Garlinghouse remains optimistic. Speaking at a recent blockchain conference, he downplayed fears of an SEC appeal. Garlinghouse expressed confidence that the core ruling of XRP not being a security would stand, regardless of any appeal attempts. But this is expected from Ripple’s CEO, isn’t it?
The XRP price is trading around $0.55 and stayed mostly flat following this news. However, the price could decline to $0.40 – $0.45 area if the SEC appeals. If there’s no appeal, then the price could continue to trade in the $0.55-$0.6 range before bouncing to $0.7 – $0.8 area. All of these options are now “on the table”.
I took a look on Twitter at what community has been saying and the reactions are mixed – some acknowledge delays but note minor news often causes exaggeration. Supporters will always maintain faith in Ripple’s success. Others hope global adoption and liquidity will drive XRP’s price up despite present legal uncertainties.
We will be watching key upcoming decisions around potential appeals as this long-running lawsuit again takes an unforeseen turn.
Read also: This XRP Pattern Could Send Price To New ATH
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