The U.S. Securities and Exchange Commission (SEC) may be preparing for an appeal in the well-known case against Ripple. Ongoing since December 2020, the case eventually turned into a cornerstone for the entire crypto community as a whole in a fight against the unjust scrutiny of the SEC.
Developments From Ripple
XRP CEO Brad Garlinghouse called the August 7 ruling a “Victory for XRP,” while Chief Legal Officer Stuart Alderoty added that the company would honor the $125 million fine.
However, In the first week of September, Ripple filed a motion to the U.S. District Court for the Southern District of New York requesting a stay in the enforcement of the judgment, which the SEC agreed to.
This development left the XRP community buzzing with anticipation for the future of the case, as the stay indicates that the legal struggles are far from over.
With just one week left for the SEC to arm itself to parry with an appeal in the case, rumors suggest that the regulatory entity will wait until the last minute or the 5th of October to file an appeal.
Ripple has already agreed to pay the penalty with additional fines. However, if the SEC chooses to fight the ruling, the case will be further drawn out.
Impact on XRP Price
The XRP community anxiously awaits the outcome of the long-fought legal battle, and the frustration with the SEC is boiling over with the activity on X.
Despite solid support from the community, XRP price dipped around 1% after a cushy bullish movement after various partnerships and developments.
Should the SEC file an appeal, XRP will bleed a bit and retrace the movement back to the $0.53 mark. However, if the appeal isn’t filed, Ripple price prediction show the beginning of a bull run.
Also Read: Ripple Secures DFSA Approval, Expands Services in UAE
Source: https://www.cryptonewsz.com/sec-appeal-looms-in-ripple-case-xrp-price-dips/