Ripple to Abandon Cross-Appeal Against SEC
Ripple Labs has confirmed it will no longer pursue a cross-appeal against the U.S. Securities and Exchange Commission (SEC), marking a significant step toward resolving their four-year legal battle.
- Key Development: Ripple’s Chief Legal Officer Stuart Alderoty announced the company will withdraw its cross-appeal, with the SEC retaining $50 million of the original $125 million penalty.
- Next Steps: The SEC will request Judge Analisa Torres to lift the August 2023 injunction prohibiting Ripple from selling XRP to institutional investors without registering the transactions as securities.
- Market Reaction: Despite the positive legal clarity, XRP’s price has shown minimal volatility, suggesting the outcome was already priced in by traders.
Background of the Ripple-SEC Case
Judge Torres’ July 2023 ruling determined that XRP sales to retail investors did not qualify as securities transactions, while institutional sales violated securities laws. The $125 million penalty—significantly lower than the SEC’s initial $19 billion demand—was finalized in August 2024.
"Ripple’s case was a high-stakes test of the SEC’s enforcement-led approach to crypto regulation. Their retreat signals a growing recognition that clear legislation—not litigation—is the path forward."
— Vuga Zade, COO of Bitget
XRP Price Analysis: Key Levels to Watch
Current Market Trends
- Futures Data: $4.43 million in XRP futures were liquidated over 24 hours, with long positions accounting for $3.44 million.
- Technical Outlook: XRP faces resistance at the 50-day Simple Moving Average (SMA) (~$2.78). A break above this level could target the $3.40 all-time high, while failure to hold $2.34 support may lead to a drop toward $1.96.
XRP/USDT Daily Chart Highlights
- Support: $2.34 (channel upper boundary).
- Resistance: 50-day SMA ($2.78).
- Indicators: RSI near neutral; AO shows weakening bullish momentum.
👉 XRP Price Prediction for 2024
FAQs About Ripple and XRP
1. What is Ripple?
Ripple Labs is a payment solutions company specializing in cross-border transactions via blockchain technology. Its RippleNet network facilitates global value transfers for financial institutions.
2. What is XRP’s Role?
XRP is the native token of the XRPLedger, designed to enable fast, low-cost transactions. It serves as a bridge currency in Ripple’s ecosystem, reducing reliance on traditional intermediaries.
3. How Does XRPLedger Work?
The decentralized XRPLedger uses a consensus protocol (not proof-of-work) to validate transactions, offering built-in protections against spam and DDOS attacks.
4. Why Did the SEC Target Ripple?
The SEC alleged XRP was an unregistered security. While Judge Torres ruled retail sales were not securities, institutional sales required compliance with securities laws.
Broader Market Context
- Bitcoin: Briefly surpassed $110K amid mixed sentiment, now trading at $109,483.
- U.S. Markets: Strong June NFP data (263K jobs added) bolstered equities, with the S&P 500 and Nasdaq hitting record highs.
Note: This analysis excludes speculative price targets and focuses on verifiable data.
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