Ripple v. SEC is drawing to a close as traders watch the XRP price surge as the agency has until October 7 to file an appeal.
Ripple Vs SEC: The U.S. Securities and Exchange Commission (SEC) has a short window of time to submit an appeal in the Ripple lawsuit. Although the SEC is still unsure, lawyers and experts following the case estimate that there is a 75% chance that the agency will file an appeal. Executives at Ripple have already stated in the open that they have concluded the lawsuit and have no intention of filing an appeal.
Still, there is a chance the SEC will file an appeal at the last minute. With the appeal deadline coming up, this could have a big effect on the price of XRP, depending on what happens.
Ripple vs SEC Appeal Deadline Approaches
October 7 is the U.S. Securities and Exchange Commission’s (SEC) 60-day deadline. An unlikely appeal is hinted at by the government agency’s recent filing in the Binance lawsuit regarding the definition of “crypto asset securities” and the oversight hearing before the House Financial Services Committee.
The agency’s plan to pursue sales in the secondary market was validated by Gary Gensler’s testimony. NFTs are securities, he said. The recent Flyfish Club fine for unregistered NFT sales and Wells’ notice to the NFT marketplace Opensea have also been lifted.
Gensler is gone https://t.co/NbPd4RQkM7
— Mark Cuban (@mcuban) September 24, 2024
The SEC will never appeal Judge Torres’ summary judgment declaring that XRP is not a security in and of itself, according to Ashley Prosper, an expert on XRP in the US SEC v. Ripple Labs lawsuit. “The thing I’m watching is whether or not they still want to try to push the narrative that secondary sales of digital assets are securities. That’s the only thing I think they’d appeal,” she added.
SEC Lawyers Confident Over Likely Appeal
Former SEC attorneys Marc Fagel and James Farrell are optimistic about the appeal filing in the Ripple v. SEC case, as CryptoNews previously reported. On the liability portions, Farrell estimated that there was a 75% chance of an SEC appeal. They acknowledge that other cryptocurrency cases may be impacted by a Second Circuit decision in favor of Ripple, but they believe that the government agency will suffer if they do not file an appeal.
Speculation in the community was also sparked by Ripple executive chairman Chris Larsen moving XRP in millions ahead of the Ripple Swell event.
XRP Price Set to Rally to $2
In the last day, the price of XRP has increased by 1%, and it is now trading at $0.59. $0.582 is the 24-hour low, and $0.594 is the 24-hour high. On the other hand, a 14% increase in trading volume over the past day suggests that traders are becoming more interested.
Experts have projected that in October, XRP will rise by 25% to $0.75. But before returning to the $0.6o level and continuing higher, the price must first push below a range low.
As CryptoNews noted, the historically positive fourth quarter will bolster XRP’s price rally to $1. Also, with no ramifications from elections or the Ripple v. SEC case, traders will feel more upbeat. Based on the dynamics of supply and demand in the market during the bull run, experts set a $1 price target for XRP. Moreover, a wider surge in Bitcoin will encourage a push to $2 in 2025.