The post The Ripple Lawsuit Impact: Can XRP Price Survive SEC Appeals? appeared first on Coinpedia Fintech News
Tony Edward from the Thinking Crypto Podcast provided an insightful analysis of the upcoming October 7 deadline for the SEC to appeal Judge Annalisa Torresâ ruling in the Ripple XRP lawsuit. The verdict, which differentiates Rippleâs institutional sales of XRP as securities and secondary market sales as non-securities, has been a significant victory for Ripple.
The main question is whether the SEC will appeal. Tony believes they likely will due to the agencyâs desire to maintain control over the crypto industry, despite growing criticism of SEC Chairman Gary Genslerâs aggressive tactics.Â
However, this ruling has become a critical point for exchanges like Coinbase, Binance, and Kraken, which are also facing similar lawsuits. Edward and legal experts believe an appeal is likely, as the SEC and its chairman, Gary Gensler, are pushing to maintain regulatory authority over the $2 trillion crypto market.
Will SEC Appeal in the XRP Lawsuit?
Fox Business recently covered the SECâs appeal intentions, citing securities lawyers who view the ruling as inconsistent. Mark Powers, a former SEC enforcement attorney, believes the SEC will challenge the decision to avoid setting a precedent for crypto companies.
However, Tony views this potential appeal as part of a broader strategy by Gensler to hinder crypto innovation. Gensler has been described as a disruptive force, using regulatory tactics to slow down the industryâs progress. Despite these challenges, Rippleâs legal victory remains a major milestone for the crypto space, providing hope for other crypto entities.
Analysts Believe XRP Price Will Make a Comeback!Â
Tony expressed cautious optimism about Bitcoinâs current price movements. While he expects Bitcoin to hit new all-time highs in Q4, he emphasized the importance of patience, highlighting potential short-term volatility in both Bitcoin and XRP.
Despite potential turbulence, Tony doesnât think an SEC appeal will significantly hinder XRPâs price in the long run. He recalled how XRP performed well even during legal challenges, reaching nearly $2 in 2020 before exchanges delisted it. Now that XRP is relisted on major exchanges and Ripple continues to innovate, he sees a potential XRP price target between $5 to $6, with some analysts predicting as high as $8.Â
RLUSD a New Hope for XRP
Tony also addressed concerns regarding Rippleâs upcoming RLUSD stablecoin. Speaking to a former Ripple employee, he learned that the stablecoin could benefit XRP by pairing with it, boosting liquidity, and creating new use cases in forex markets. Contrary to fears, the stablecoin is expected to complement Rippleâs ecosystem and increase the utility of XRP.
