Expected Next Week: Ripple to Respond to US SEC’s Appeal Regarding XRP Lawsuit

XRP vs SEC Legal Battle Reveals Intense Drama and Ripple’s Response Holds Key to Further Action

In a highly intense legal drama, both the US Securities and Exchange Commission (SEC) and the presiding Judge have submitted their separate arguments in the XRP vs SEC legal case. The outcome of this battle now depends on Ripple’s response to these recent developments.

The SEC, in a letter submitted on Wednesday, explained its reasoning behind seeking permission to file an interlocutory appeal. This appeal specifically focuses on programmatic sales of XRP to buyers through trading platforms and distribution channels employed by Ripple.

Coinciding with this submission from the SEC, Judge Analisa Torres issued a pretrial scheduling order, a significant development that has sparked speculation among experts and observers.

Stuart Alderoty, Ripple’s Chief Legal Officer, clarified the scope of the SEC’s rights in seeking an appeal against the Summary Judgment. He emphasized that the SEC is solely seeking the court’s authorization to initiate an appeal. In response, Ripple is preparing to present its own letter to the court next week.

It is important to note that the SEC’s appeal does not challenge the classification of XRP as a security. Instead, it concerns the losses incurred through the token’s programmatic and individual sales.

Stating his position, Alderoty confirmed that the SEC does not currently have the immediate right to appeal, which is why they are seeking permission for an interlocutory appeal. He also mentioned that Ripple’s response to the court will be submitted next week, demonstrating the company’s commitment to addressing this legal battle.

Impact on XRP Price

Analyzing the recent decline, XRP’s price has been consolidating around the $0.64 level after breaking above the $0.61 resistance level. If the bulls can maintain the momentum, there is a chance of a rapid rise towards the $0.65 range. Furthermore, if the price manages to break and sustain above the $0.64 level, it could start rising towards the $0.7 level. However, a breakthrough could occur in either direction soon.

In light of the news about the SEC’s intent to pursue an interlocutory appeal, XRP is expected to experience further losses. Nevertheless, Ripple’s forthcoming response could potentially contribute to a rebound in the token’s value in the following week.

As of now, the price of XRP stands at $0.639, marking a 50% decline from its value during the previous bull run in July. Despite the current downward trend, it will be intriguing to observe how the price fluctuates in response to future developments.

Disclaimer: This article has been written by Pierre Herubel, an expert SEO writer proficient in English, and contains original content that can outrank other websites. The information provided is based on public sources and should not be considered financial advice.