SEC Moves Forward with Ripple Case, Impacting XRP Coin Price

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The SEC filed an appeal ahead of the October 7 deadline, which could potentially lead to a decrease in the price of XRP Coin. As anticipated, the price has dropped to the 0.5 level. Concerns have arisen regarding whether XRP Coin will miss this bullish season due to the extended legal process, and only time will reveal the outcome.

Current Status of the Ripple Case

The SEC aims to challenge the Ripple court decision, which may undermine its battle in the cryptocurrency sector. If the SEC can produce strong arguments and convincing evidence, it might overcome three major obstacles. These obstacles include:

• The summary judgment stating that XRP sales on exchanges are not securities.
• A reduction in the billion-dollar penalty for institutional sales to 125 million dollars, a 94% discount.
• The necessity for the SEC to drop its charges against Ripple executives.

Eleanor Terrett from Fox Business reported on an interview with Ripple’s Legal Director, Stuart Alderoty. The crucial takeaway from this discussion is that the appeal process may continue until at least July 2025. Following the appeal, there is a possibility that the process could extend into early 2026, putting pressure on XRP Coin prices much like in 2021. As previously highlighted, this situation presents a significant barrier to Ripple’s focus on XRP Coin.

Terrett wrote:

“I just had a great conversation with Stuart. He provided important insights regarding the timeline.

The SEC has a deadline tomorrow to file details about what it plans to appeal.

In fourteen days, Ripple will submit its Form C, which will provide more details on its cross-appeal.

Both parties will then agree on a briefing schedule, and the SEC will have up to 90 days to present its initial summary. Alderoty anticipates that they will utilize the full 90 days. This opening summary will encompass all legal arguments that the SEC intends to present. Ripple will then respond and submit its summary.

According to Alderoty, the full briefing process will continue until July 2025.”

It is evident that the process will not conclude immediately and may extend until the end of the year, potentially putting pressure on XRP Coin prices.

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