- Former CFTC Chair and lawyers predict the SEC will drop its appeal in the Ripple case.
- XRP price surges 200%, reaching $1.64 as Ripple lawsuit nears resolution.
- Leadership changes at the SEC could shift the trajectory of Ripple litigation.
The ongoing Ripple versus SEC lawsuit has taken a new turn, with experts anticipating that the U.S. Securities and Exchange Commission may withdraw its appeal.
This prediction comes as leadership changes within the SEC loom alongside a favorable court ruling for Ripple Labs and its executives. The developments have significantly impacted XRP’s price, which recently soared to a three-year high.
Former CFTC Chair Chris Giancarlo revealed in an interview with FOX Business that the SEC’s appeal will likely be abandoned following the resignation of current SEC Chair Gary Gensler, scheduled for January 2025.
According to Giancarlo, a new administration under Donald Trump, expected to favor crypto-friendly policies, could alter the regulatory landscape, making the appeal less viable.
Legal experts closely following the case echo this sentiment. Bill Morgan, a prominent pro-XRP attorney, has stated that the political motivation for pursuing the appeal will wane with the leadership transition.
Judge Analisa Torres previously ruled that XRP sales by Ripple Labs and executives Brad Garlinghouse and Chris Larsen were not securities. Experts believe this decision stands on solid legal grounds. Morgan noted that the appeal faces slim chances of success as no judicial error has been identified.
This legal momentum has fueled a strong rally in XRP’s market performance. The token’s price surged by 200% recently, hitting $1.64—a level not seen in three years. Trading volumes have also increased significantly, driven by growing optimism within the XRP community, often called the “XRP Army.”
The Ripple lawsuit is nearing a critical phase, with a motion for expedited judgment granted in the ongoing litigation. Observers believe Gary Gensler’s exit and the potential appointment of pro-crypto leaders within the SEC, such as Paul Atkins, could lead to the appeal’s dismissal.
Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed confidence in these developments, further energizing market participants. XRP enthusiasts now eye the $2 mark as the SEC leadership change and legal resolutions shape a more optimistic outlook for the cryptocurrency
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
