Ripple's legal director brings good news to the XRP community
Ripple's general counsel Stuart Aldrotti has brought big news to the XRP community. The U.S. Securities and Exchange Commission (SEC) decided not to appeal Judge Torres' summary judgment, which determined that XRP is not a security in the Ripple Labs case. This made the XRP community jubilant, and everyone was looking forward to the price of XRP rising to one dollar.
The SEC appealed the Ripple case
The SEC previously appealed the summary judgment on Ripple's sales of XRP through crypto exchanges and the behavior of executives. The focus is on the sales behavior of Ripple CEO Brad Garlinghouse and Chairman Chris Larsen. The SEC wants to review these things again. But then again, the SEC did not appeal the $125 million fine, and it is said that the government's appeal of the repayment decision has not yet moved.
The SEC's move stunned many experts. Lawyers Fred Rispoli and Mark Fager said that the SEC is now focusing on those programmatic XRP sales. As a result, the price in the community has temporarily fallen.
Ripple's General Counsel's powerful speech
Stuart Aldroti said that Ripple will respond to the SEC's appeal. He also said that it is now clear that XRP is not a security. He asked friends in the community to patiently follow the development of the situation, which encouraged the XRP community a lot.
The SEC's decision not to appeal the XRP security status has made people in the market more optimistic. A crypto analyst named Eglag predicts that the price of XRP will rise to $1.5 in the short term. The current price of XRP is $0.55. Although the trading volume has fallen by 11% in the past 24 hours, the purchase of XRP futures continues, and the position has increased by more than 2%, reaching $770 million.
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