Dark

TL;DR 
<ul> 
 <li>Judge Torres ruled XRP’s secondary sales aren’t securities, but Ripple was fined $125M. The company filed a cross-appeal after the SEC contended, adding more legal uncertainty.</li> 
 <li>XRP saw a slight recovery to $0.54 but remains down in the past two weeks.</li> 
</ul> 
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-10-ripplesec_cb-45-jpg-data-wpel-link-internal-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/RIppleSEC_CB-45.jpg" data-wpel-link="internal"></a></h2> 
<h2 id="the-latest-update">The Latest Update</h2> 
The legal tussle between Ripple and the US Securities and Exchange Commission (SEC) reached a major milestone at the beginning of August when Judge Analisa Torres <a class="editor-rtfLink" href="https://cryptopotato.com/ripple-fined-125m-in-lawsuit-against-sec-xrp-price-soars-20-immediately/" target="_blank" rel="noopener" data-wpel-link="internal">determined</a> that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. On the other hand, she ordered the company to pay a $125 million fine for violating certain rules.&nbsp; 
The number represented just a fraction of the $2 billion the SEC initially asked for, causing many (including Ripple’s CEO) to describe the ruling as a victory.&nbsp; 
The regulator&nbsp;<a class="editor-rtfLink" href="https://cryptopotato.com/xrp-price-crashes-12-as-sec-appeals-in-the-ripple-lawsuit/" target="_blank" rel="noopener" data-wpel-link="internal">appealed</a> the 2023 decision, causing a double-digit price crash for the native token and a new doze of uncertainty. 
Most recently, Ripple’s CLO Stuart Alderoty <a href="https://x.com/s_alderoty/status/1844408944657301885?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1844408944657301885%7Ctwgr%5E1a55bcc78403442ff27b9d3cd5ae577e79a59b6f%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoinpaper.com%2F5652%2Fripple-files-notice-of-cross-appeal-in-ongoing-legal-wrestle-with-the-sec" data-wpel-link="external" target="_blank">said</a> the firm filed a cross-appeal “to ensure nothing’s left on the table, including the argument that there can’t be an “investment contract” without there being essential rights and obligations found in a contract.” 
He reminded that the SEC has already stated that it doesn’t contend with the magistrate’s decision that XRP itself isn’t a security. “They even apologized in another case for suggesting a token itself could be a security,” the executive added. 
In conclusion, Alderoty said the company looks forward to the federal court of appeals to “finally put a stake in the heart of Gensler’s misguided attack” on the cryptocurrency industry. 
<h2 id="span-data-preserver-spaces-true-xrp-price-reaction-span">XRP Price Reaction</h2> 
The asset’s price headed north shortly after Alderoty’s announcement, reaching approximately $0.54. It currently trades at around $0.53 (per CoinGecko’s data), representing a mere 1.5% increase on a daily scale. 
<figure id="attachment_365651" aria-describedby="caption-attachment-365651" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/10/XRP-Price-7.png" data-wpel-link="internal"><img class="wp-image-365651" src="https://cryptopotato.com/wp-content/uploads/2024/10/XRP-Price-7.png" alt="XRP Price" width="578" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/XRP-Price-7.png 831w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-Price-7-300x208.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-Price-7-768x531.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/XRP-Price-7-50x35.png 50w" sizes="(max-width: 578px) 100vw, 578px"></a>
 <figcaption id="caption-attachment-365651" class="wp-caption-text">
 XRP Price, Source: CoinGecko
 </figcaption>
</figure> 
Still, XRP remains deep in the red on a two-week basis, which coincides with the broader slump of the entire crypto market during that period. 
Despite the token’s shaky performance as of late, multiple analysts remain optimistic that a solid rally might be just around the corner. The X user Dark Defender recently <a class="editor-rtfLink" href="https://x.com/DefendDark/status/1843940248004251863" target="_blank" rel="noopener" data-wpel-link="external">argued</a> that the news surrounding the Ripple v. SEC case has “a minor impact” on XRP, whose valuation is mainly fueled by technical metrics: 
<blockquote>
 “When Heikin Ashi Candles (average-price candles, currently at $0.57)&nbsp;are considered, the monthly average price stays above the support level, which is critical for XRP to continue the momentum.&nbsp;This&nbsp;is supported by the MACD indicator, where XRP has the green dot on the monthly time frame.&nbsp;I am super bullish,&nbsp;and I&nbsp;expect XRP to follow his pattern.”
</blockquote> 
&nbsp; 
&nbsp; 
The post <a href="https://cryptopotato.com/important-ripple-v-sec-lawsuit-update-october-11th/" rel="nofollow">Important Ripple v. SEC Lawsuit Update October 11th</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Important Ripple v. SEC Lawsuit Update October 11th

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