XRP Drama Continues As Ripple Strikes Back With Cross Appeal
- Ripple has filed a cross-appeal against the SECs ruling in the lawsuit.
- Ripple is challenging the SECs interpretation of securities law regarding XRP.
- The outcome of the appeal could have significant implications for cryptocurrency regulation.
Ripple, the blockchain firm behind the XRP cryptocurrency, has filed a cross-appeal against the Securities and Exchange Commission (SEC) amidst the ongoing lawsuit. This move comes after the regulator appealed the decision claiming that the district courts decision runs contrary to long-standing Supreme Court precedent and securities laws. The court previously ruled that XRP itself was not a security when sold to retail investors resulting in a partial ruling against Ripple.
In its cross-appeal, the blockchain firm is challenging the SECs claims that XRP is a security and argues that the agencys interpretation of securities law is ambiguous and could have significant implications for the entire cryptocurrency industry.
The high-profile SECs lawsuit against Ripple, began in 2020 when the former accused the latter of raising billions of dollars through the unregistered sale of XRP. The courts ruling in August found that the token was a security when sold to institutional investors thus violating federal law.
Now that Ripple filed a cross-appeal, the move is expected to further delay the resolution of the case and could potentially lead to a trial. The outcome of the appeal could have significant implications for the future of cryptocurrency regulation in the United States.
XRP Poised for a Massive Price Surge
Following the announcement, XRP is displaying strong signs of an imminent price explosion. Technical indicators and market sentiment suggest that the cryptocurrency could be on the verge of a significant rally.
Analysts are predicting a potential surge that could push XRPs price well beyond its all-time high of $3.317. Some experts believe that a 500% increase from current levels is not only feasible but could be just the beginning of a much larger upward trend.
This bullish outlook is fueled by a combination of factors, including positive developments within the Ripple ecosystem and broader favorable market conditions. As the cryptocurrency market continues to mature and gain mainstream acceptance, XRPs potential for growth appears to be limitless.
Read more: https://www.tronweekly.com/xrp-ripple-files-cross-appeal-in-sec-lawsuit/
Text source: TronWeekly
