The SEC is under intense scrutiny following the XRP appeal, with analysts predicting that Ripple will reach the new ATH price regardless.
the US Securities and Exchange Commission (SEC) intends to continue its case against #Ripple Labs after the commission filed a notice of appeal with the Second Circuit Court of Appeals.
As reported on October 3, Ripple intends to vigorously defend itself. Last year, U. S. District Court Judge Annalise ruled that the sale of #XRP to retail investors through exchanges does not violate federal securities laws. However, a year later, the SEC was dissatisfied, arguing that the decision contradicts precedent set by the Supreme Court.
The resignation of Surbir S. Grewal, a prominent enforcement director, led to speculation of dissension within the SEC. On appeal, Ripple CEO Brad Garlinghouse criticized the SEC's decision as unreasonable and damaging to the Commission's reputation.
He emphasized that the classification of XRP as an unsecured security is now established law and that we will fight this in court for as long as it takes, but let's be clear: XRP's status as an unsecured security is the law of the land today.
he said.
Ripple's Chief Legal Officer Stuart Alderoti expressed disappointment with the SEC's appeal, suggesting that the SEC is trying to wage a litigation war against the industry rather than enforce the law.
He also mentioned that Ripple may consider filing a counterclaim.
We are considering filing a counterclaim, he said. In any case, the SEC's actions were unreasonable and wrong from the beginning, and we are ready to prove it once again in the Court of Appeals, leading the fight for the industry.
Despite the ongoing legal situation, crypto analyst Bobby A noted that technical indicators and macro charts show a bullish outlook.
As in 2016, prices are tightly aligned with key moving averages on the senior timeframe, including the midline of the monthly Bollinger Bands.
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