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“Judge Torres was right about XRP”, SEC cannot appeal
The Ripple XRP case has no more recent record, but it gained new perspectives after the US SEC decided to close the Ethereum Investigation. The XRP army awaits Judge Torres’ verdict on the penalties and final judgment in the remedies phase, as well as whether the SEC will appeal Judge Torres’ summary ruling ruling that XRP itself is not a security.
Lawyers and former SEC officials predict that the SEC will not be able to appeal Judge Torres’ summary judgment because it could weaken the SEC’s arguments in Second Circuit Court.
The SEC is not likely to file an appeal in the Ripple vs SEC lawsuit
The XRP lawsuit came under renewed attention after the SEC decided to close the investigation into Ethereum, making an effort to send a letter to Consensys without any obligation to do so.
The great development regarding SEC x Ripple Labs is a comment from former SEC head of crypto enforcement Kristina Littman that the US SEC cannot appeal Judge Torres’ ruling on XRP. “The SEC can simply let Ripple’s opinion remain a District Court opinion and not risk elevating it to the Circuit level.”
Attorney James Murphy, known as MetaLawMan, believes the tokens identified in the Coinbase lawsuit do not qualify as securities when traded on the secondary market. This was proven in a ruling from the Second Circuit Court.
He also said that “Judge Torres was right about XRP,” pointing out that the SEC cannot appeal the summary judgment. Murphy added that the SEC’s inconsistent treatment of digital assets is becoming evident, highlighting the SEC’s contradictory arguments in the Coinbase hearing compared to its stance on Ethereum.
Read too: Lawyer challenges concerns about Ripple’s SEC fine, here’s why
Ripple CLO on SEC’s Inconsistent Crypto Position
CLO Ripple Stuart Alderoty pointed out significant deficiencies in the SEC’s recent decision. This decision raises questions about the SEC’s stance regarding Ethereum transactions and related services such as MetaMask and staking.
The SEC’s decision raised concerns and skepticism, especially in the XRP community. Crypto Participants Question Whether Ether Gaining Commodity Status Means Everything proof of bet
(PoS) cryptocurrencies like Solana, Cardano and Polygon are commodities now. The regulator has failed to clarify how some digital assets are securities and others are not, implying inconsistent regulatory guidelines.
Read too: Lawyers weigh in on SEC appeal summary judgment and trial date
XRP Price Rebounds From Support
XRP Price is trading at $0.498, up almost 1% in the last 24 hours. The price rejects the key level of $0.50, with a 24-hour high and low of $0.4906 and $0.5002, respectively. Trading volume fell by 25% in the last 24 hours, further indicating a lack of interest from traders.
Analyst Dark Defender suggested that BTC will lose its dominance over XRP from now on. The XRP/BTC pair underwent a reversal on the weekly time frame. Furthermore, he confirmed a Golden Cross for RSI.
He foresees targets of $0.5286 to $0.6649 in the near term. The support level to watch for XRP is $0.4623, a price below this could cause a massive sell-off to bring the XRP price back to the $0.42 support.
Read too: XRP price will rise 1700% if it closes at this level