Ripple had previously secured a verdict when the Court ruled that the pragmatic sale of XRP did not qualify as securities, providing the US Securities & Exchange Commission with a limited period to contest this decision through an appeal. It was speculated that the Commission might choose to move on and accept the verdict instead of challenging it. However, the agency filed an appeal with the New York Court.
According to the filing of the appeal, the last date to submit Form C was October 16, 2024. Now, there are rumors circulating on X that have older documents attached, claiming the SEC submitted Form C to the courts.
OH MY FUCKING GOD THEY FILED FORM C WITH 7 MINUTES LEFT WHAT THE FUCK pic.twitter.com/PqMKh9Wh7I
— Cobb (@AlexCobb_) October 17, 2024
The SEC’s Unfair Treatment
The agency aims to classify XRP as a security to exercise its authority and enforce regulations over the token. Ripple opposes this move, which is why they filed the lawsuit. Ripple is now expected to file a cross-appeal in the next few weeks. It would be a counter-argument or an explanation about why the previous verdict is valid, irrespective of the challenge by the SEC.
If Ripple were to win the argument again, it wouldn’t significantly alter the crypto market; however, if the SEC were to win, it would have a significant impact. It is likely to have a broader impact on other cryptocurrencies that want to leverage the same verdict in their favor. Turning the tables would force other cryptocurrencies to devise new strategies to overcome this complexity.
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The outcome of the appeal would essentially impact the classification and regulatory framework of other digital assets. Ripple’s cross-appeal will provide insights into its strategy and position in the ongoing legal battle with the Commission. Investors and crypto enthusiasts are firmly focused on the outcome of this lawsuit.
XRP is currently up by 3% in the last 24 hours, listed at $0.5546 at the time of writing this article. It further reflects a jump of 5.54% in the last 7 days and a fall of 4.99% in the last 30 days. The 24-hour trading volume has picked up momentum. It has soared by 11.14% to bank approximately $1.36 billion.
Near-term XRP prediction indicates a bullish estimate that the token will reach $0.644029 within the next 30 days. That would be a jump of 17.90% from the current value.
The FGI’s 71 points indicate that investors are becoming increasingly greedy with Ripple tokens. Meaning, they are willing to take the risk and are, therefore, investing in it for better profits.
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Also Read: Ripple vs SEC Case Confusion; The Truth Behind Form C Filing
