{"id":13133,"date":"2024-10-11T07:16:40","date_gmt":"2024-10-11T07:16:40","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13133"},"modified":"2024-10-11T07:16:40","modified_gmt":"2024-10-11T07:16:40","slug":"important-ripple-v-sec-lawsuit-update-october-11th","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13133","title":{"rendered":"Important Ripple v. SEC Lawsuit Update October 11th"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Judge Torres ruled XRP\u2019s secondary sales aren\u2019t securities, but Ripple was fined $125M. The company filed a cross-appeal after the SEC contended, adding more legal uncertainty.
\nXRP saw a slight recovery to $0.54 but remains down in the past two weeks.<\/p>\n

<\/a><\/span><\/h2>\n

The Latest Update<\/h2>\n

The legal tussle between Ripple and the US Securities and Exchange Commission (SEC) reached a <\/span>major<\/span> milestone at the beginning of August when Judge Analisa Torres <\/span>determined<\/span><\/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 <\/span>certain<\/span> rules.\u00a0<\/span><\/p>\n

The number represented just a fraction of the $2 billion the SEC initially asked for, causing many (including Ripple\u2019s CEO) to describe the ruling as a victory.\u00a0<\/span><\/p>\n

The regulator<\/span>\u00a0<\/span>appealed<\/span><\/a> the 2023 decision,<\/span> causing a double-digit price crash for the native token and a new doze of uncertainty.<\/span><\/p>\n

Most recently, Ripple\u2019s CLO Stuart Alderoty said<\/a> the firm filed a cross-appeal \u201cto ensure nothing\u2019s left on the table, including the argument that there can\u2019t be an \u201cinvestment contract\u201d without there being essential rights and obligations found in a contract.\u201d<\/span><\/p>\n

He reminded that the SEC has already stated that it doesn\u2019t contend with the magistrate\u2019s decision that XRP itself isn\u2019t a security. \u201cThey even apologized in another case for suggesting a token itself could be a security,\u201d the executive added.<\/span><\/p>\n

In conclusion, Alderoty said the company looks forward to the federal court of appeals to \u201cfinally put a stake in the heart of Gensler\u2019s misguided attack\u201d on the cryptocurrency industry.<\/span><\/p>\n

XRP Price Reaction<\/span><\/h2>\n

The asset\u2019s price headed north shortly after Alderoty\u2019s announcement, reaching approximately $0.54. It currently trades at around $0.53 (per CoinGecko\u2019s data), representing a mere 1.5% increase on a daily scale. <\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

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.<\/span><\/p>\n

Despite the token\u2019s shaky performance as of late, multiple analysts remain optimistic that a solid rally <\/span>might be just<\/span> around the corner.<\/span> The X user Dark Defender recently <\/span>argued<\/span><\/a> that the news surrounding the Ripple v. SEC case has \u201ca minor impact\u201d on XRP, whose valuation is mainly fueled by technical metrics:<\/span><\/p>\n

\u201cWhen Heikin Ashi Candles (average-price candles, currently at $0.57)\u00a0<\/span>are considered<\/span>, the monthly average price stays above the support level, which is critical for XRP to continue the momentum.\u00a0<\/span>This<\/span>\u00a0<\/span>is supported<\/span> by the MACD indicator, where XRP has the green dot on the monthly time frame.\u00a0<\/span>I am super bullish<\/span>,\u00a0<\/span>and<\/span> I\u00a0<\/span>expect XRP to follow his pattern.\u201d<\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

The post Important Ripple v. SEC Lawsuit Update October 11th<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Judge Torres ruled XRP\u2019s secondary sales aren\u2019t securities, but Ripple was fined $125M. The company filed a cross-appeal after the SEC contended, adding more legal uncertainty. XRP saw a slight recovery to $0.54 but remains down in the past two weeks. The Latest Update The legal tussle between Ripple and the US Securities and […]<\/p>\n","protected":false},"author":0,"featured_media":13134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13133"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13133"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13134"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}