when

Note

<ul>
 <li>XRP Price is eyeing a massive explosion amid the likely end of the Ripple versus SEC feud.</li>
 <li>It remains unclear the direction of the ruling as many conflicting rulings abound in crypto cases.</li>
</ul>
<a href="https://www.crypto-news-flash.com/xrp-gains-1-76-as-ripple-and-sec-discuss-settlement-terms/" rel="noopener noreferrer nofollow">XRP</a>, the cryptocurrency associated with Ripple Labs Inc., approached the $1 mark on Sunday. This recovery comes amid a potential conclusion of the Ripple legal battle with the US Securities and Exchange Commission (SEC).
<iframe title="Ripple Verdict Imminent: XRP Poised for $1 Surge?" width="788" height="443" src="https://www.youtube.com/embed/F72xttKfH5A?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
<h3 id="b-sec-vs-ripple-an-end-in-sight-b">SEC vs Ripple: An End in Sight&nbsp;</h3>
The inability of the SEC and Ripple to settle their long-standing legal battle has resulted in questions on whether a final verdict is in view this week. As <a href="https://www.crypto-news-flash.com/bullish-outlook-for-xrp-as-ripple-class-action-receives-certification-can-price-hit-1-by-the-end-of-july-details/" target="_blank" rel="noopener noreferrer nofollow">mentioned</a> in our earlier report, Judge Analisa Torres in charge of the case ruled that the sales of XRP are classified as non-security when traded on exchanges.
However, the ruling favored the SEC as the Judge declared XRP an unregistered security to institutional investors. As a result, the SEC demanded a $2 billion penalty on Ripple. Although the company contested the fine, Judge Torres must decide the amount Ripple has to pay and an injunction.
It is worth noting that an injunction may ignite the SEC to appeal against the Judge’s Programmatic XRP ruling. On the other hand, an injunction may lead to the prohibition of XRP in the US, thereby affecting the cryptocurrency’s expansion.
For the first scenario, uncertainty has been raised for an appeal from the SEC due to related court rulings with other crypto platforms. For instance, in the case involving Terraform Labs and Do Kwon, Judge Jed Rakoff declared TerraUSD and LUNA as securities. Prior to this ruling, the Judge criticized Judge Torres’s Programmatic Sales ruling. Judge Rakoff said Judge Torres made a mistake when declaring XRP was not a security when sold on exchanges.
This ruling partially favored Ripple, leaving speculations on a potential appeal from the SEC. However, the SEC’s decision not to appeal may have also been influenced by a <a href="https://www.crypto-news-flash.com/court-ruling-a-major-blow-to-sec-in-bnb-coin-case/" target="_blank" rel="noopener noreferrer nofollow">ruling</a> in the case between SEC and Binance. Judge Amy Berman Jackson, presiding over the case, ruled against the SEC, arguing that BNB sales did not qualify as a security under the Howey test.
Notwithstanding, the SEC may decide to file an appeal due to a pending ruling in its case with Coinbase. According to our recent <a href="https://www.crypto-news-flash.com/xrps-future-hinges-on-sec-vs-coinbase-ruling-amid-broader-crypto-market-uncertainty/" target="_blank" rel="noopener noreferrer nofollow">report</a>, Coinbase filed a Motion for the Interlocutory Appeal, in April 2024 seeking permission to appeal against the ruling in its Motion to Dismiss (MTD).
Meanwhile, Coinbase submitted the MTD in August 2023, arguing that the SEC doesn’t possess the statutory authority to regulate crypto exchanges. However, Judge Katherine Failla has denied the motion.&nbsp;
<h3 id="b-a-win-for-xrp-price-b">A Win for XRP Price</h3>
Note that the SEC could abandon its appeal against the Programmatic Sales of XRP ruling if Judge Failla grants Coinbase’s appeal motion. This could have a positive impact on the XRP and the broader crypto market.
Further, XRP could climb above $1 if Ripple avoids an injunction and the SEC drops its plans to appeal. As of this writing, XRP has experienced a 0.5% increase in the past day, to trade at $0.6086. The trading volume and market cap stood at $1 billion and $34 billion respectively.

<div class="cryptoboxes" id="mcw-345586" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="xrp" data-symbol="XRP" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>

Ripple Verdict Imminent: XRP Ready for Price Explosion to $1- Decision This Week?

Innehållsförteckning

Crypto News Flash

Andra artiklar publicerade 29 juli 2024

If History Repeats, Could Bitcoin Face 1930s-Style Regulation? Should You Support Trump?

New Solana Memecoin Trump Fired Biden Will Surge 17,000%, While SHIB and DOGE Struggle

Inside look at the performance and structure of new Ethereum ETFs

HSBC Australia Implements Restrictions on Payments to Cryptocurrency Exchanges Due to Scam Concerns

Top Solana-based Altcoin To Buy As SOL Price Eyes To Hit $200!

From Wolves to Stars: Analyzing Landwolf and the Best Coin Presale

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!