Ripple (XRP) has recently filed a cross-appeal in the case with the U.S. SEC, continuing the long legal battle. Meanwhile, the XRP token shows signs of recovery, aiming to reach 0.60 dollars.
Let’s see all the details in this article.
The legal battle between Ripple (XRP) and the SEC intensifies with a new appeal
As mentioned, the long and complex legal battle between Ripple and the Securities and Exchange Commission (SEC) of the United States has taken a new turn.
Recently, in fact, Ripple filed a notice of cross-appeal with the United States Court of Appeals for the Second Circuit.
This appeal comes a few days after the SEC itself had requested an appeal, marking a further extension of the legal dispute that began in 2020.
We remind that the key issue at the center of the controversy is whether the XRP token, issued by Ripple, should be considered a security under the United States securities law.
The resolution of this case will not only influence Ripple, but it will likely have repercussions on the entire bull and bear cryptocurrency sector.
It is also emphasized that the Ripple-SEC case is one of the most important in the crypto sector, as it could redefine the way cryptocurrencies are classified and regulated in the United States.
As we know, the SEC initiated legal action against Ripple in 2020, claiming that the company had sold XRP as an unregistered security.
However, the August 2023 ruling seemed to represent a partial victory for Ripple, with the court determining that the sales of XRP to retail investors did not fall under the definition of a security.
Despite this, the battle is not over. Ripple has decided to file a cross-appeal to challenge certain aspects of the ruling, particularly the issue of investment contracts.
The Chief Legal Officer of Ripple, Stuart Alderoty, has stated that the company intends to “ensure that nothing is left unturned.”
Emphasizing in this way the importance of arguing that there cannot be an investment contract without the essential rights and obligations of a contract.
XRP on the rise: the cryptocurrency aims for 0.60 dollars
As the legal battle intensifies, Ripple’s XRP token is showing signs of recovery. In recent days, XRP has recorded an increase of 3.5%, according to data from CoinMarketCap, and is currently trading around approximately 0.53 dollars.
This level of volatility is not unusual for the token, but its recent bull trend has attracted the attention of investors.
One of the most interesting aspects of this movement is the accumulation of XRP by the so-called “balene,” or large investors.
According to the latest analyses, about 300 million XRP tokens have been purchased in recent weeks. This accumulation suggests that investors are anticipating further growth in the token’s value.
The next resistance level to overcome is set at 0.55 dollars. If XRP manages to surpass this obstacle, it could pave the way for a further bull, with the goal of reaching 0.60 dollars.
This threshold represents a key objective for traders hoping to capitalize on the recent bull market recovery in the crypto market.
The future of Ripple and XRP
Despite the legal uncertainties, Ripple continues to push for the adoption of its token and its blockchain technology.
The company has positioned itself as one of the main players in the digital payments sector, collaborating with various financial institutions around the world.
The outcome of the lawsuit with the SEC will be crucial in determining the future of Ripple in the United States, but the company has already demonstrated its ability to expand globally, reducing dependence on the American market.
In the meantime, the crypto community is closely watching the legal developments and market behavior of XRP.
While the case could still drag on for several months, if not years, the market seems optimistic about the long-term prospects of the token.