- The SEC may appeal the Ripple ruling, challenging the classification of XRP as a non-security.
- The appeals process could take 10 to 11 months, possibly extending until 2025 or 2026.
- XRP’s price recently rose to $0.62, with analysts predicting it could reach $1 amid renewed interest.
The SEC is expected to appeal the recent court ruling that XRP is not a security, according to legal experts. This comes after District Judge Analisa Torres ruled in favor of Ripple in July 2023. Despite the uncertainty, XRP has surged in value, climbing around 12.50% in over a month and is right now around $0.62.
Legal experts say the SEC’s appeal would challenge the application of the Howey test, which determines whether a transaction is an investment contract. Former SEC enforcement attorney Marc Powers said the SEC likely wants to avoid inconsistent rulings in district courts. He also stressed that the SEC is likely to appeal because the case involves programmatic trading.
SEC Appeal Process May Drag On
Former SEC lawyer Marc Fagel clarified that the Court of Appeals must hear the SEC’s appeal. He explained that the process usually takes 10 to 11 months. The $125 million penalty imposed on Ripple will not be the main issue of the appeal. Ripple could cross-appeal this aspect, but Fagel said it is unlikely to succeed.
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Attorney Fred Rispoli predicted the appeals process could drag on until at least 2025 or 2026. The court will set a schedule for briefs by late 2024, with a decision expected in 2026. Despite these legal uncertainties, XRP has recently surged in value.
The XRP price has climbed to around $0.62, driven by increased trading activity. Analysts remain optimistic, suggesting XRP could rise further, possibly reaching $1.
As the legal battle continues, Ripple supporters wonder if the appeal could be dismissed. Some have speculated that the higher court could reject the SEC’s appeal.
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Source: https://coinedition.com/xrp-price-soars-despite-looming-sec-appeal/