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- The Ripple XRP judgment has bolstered market optimism, driving a recent 5.51% price surge, though an SEC appeal could trigger further volatility.
- Despite the court’s partial ruling against Ripple, confidence in XRP’s future remains strong, with the $10 price target in sight if momentum continues.
Pro-XRP lawyer MetaLawMan suggested in a recent podcast with Scott Melker that the U.S. Securities and Exchange Commission (SEC) is likely to appeal the new ruling.
Earlier, the Chief Legal Officer tweeted:
The final judgment is in. The Court has rejected the SEC’s claim that Ripple acted recklessly and reminded the SEC that the case did not involve fraud or intentional misconduct, and no financial harm was suffered. The Court also dismissed the SEC’s excessive demand for $2 billion in fines and penalties. We respect the $125 million fine imposed for certain historical sales to sophisticated third parties.
In response, Fred Rispoli, Attorney, and Litigator, replied to the tweet:
We respect the $125M fine the Court has imposed for certain historic sales to sophisticated third parties.
"We respect the $125M fine the Court has imposed for certain historic sales to sophisticated third parties."
Translation:
What happened in the past was ruled by the Court to be illegal. We are immensely confident our current business operation is not impacted by the injunction. https://t.co/F0ijFJmgWS
— Fred Rispoli (@freddyriz) August 7, 2024
Will XRP Hit $10 Before?
As explained in a recent CNF post, the latest development in the case between the US Securities and Exchange Commission (SEC) and Ripple Labs has made a significant impact on the XRP price. If the SEC proceeds with an appeal, Ripple is expected to counter-appeal, arguing that the court’s decision on institutional sales and On-Demand Liquidity (ODL) transactions was flawed.
According to CoinMarketCap data today, XRP’s price surged by 5.51% in the past week, with the current price at $0.616, signaling renewed market optimism related to the anticipation of the Ripple XRP Judgment Sparks. See price chart below.
