In a recent post on X, Uphold cryptocurrency exchange posed a question to its users asking them to name a cryptocurrency that could either double in value or crash to $0 in the next 12 hours. While some users mentioned coins like Bitcoin (BTC), Ethereum (ETH), and PNUT, the majority of the responses mentioned XRP.
Particularly, one user, ‘Fintech Portal,’ mentioned XRP, with reasons that everybody expects the SEC to drop its case against Ripple which could trigger an exponential movement and double the coin’s price. He noted, however, that the reverse could be the case if the legal battle continues.
Another user ‘Lomond Crypto,’ tried to counter this view by dropping a rather misguided comment about the current position in the Ripple and SEC case. According to him, the lawsuit is currently centered around the $125 million “settlement fee” imposed on Ripple by the court, and that the SEC wants more than $125 million.
Prominent legal expert Marc Fagel quickly joined the conversation, correcting the false notion presented by Lomong. Fagel noted that the SEC appeal has nothing to do with the penalty imposed by the court, and that “there’s no such thing as a “settlement fee.”
He emphasized that the SEC is appealing the programmatic sales of XRP on digital exchanges, and Ripple is cross-appealing its institutional XRP sales. It is also important to note that the SEC is not challenging XRP’s status and a stay was requested for the monetary penalty by Ripple.
This post first appeared on 36crypto.com News.
