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The SEC has until October 6 to appeal the court's ruling in the Ripple case. Community speculation is divided on whether they will appeal or not.
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The court ordered Ripple to pay a $125 million civil penalty but rejected the SEC's requests for a $2 billion penalty.
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Since the court's ruling, XRP's price has been on an uptrend, gaining over 21%.
The crypto world is holding its breath as the clock ticks down on the SEC’s decision to appeal the Ripple case. With just days left until the deadline, the community is divided, their hearts pounding with anticipation. Will the SEC file an appeal, or will they let the landmark ruling stand? The stakes are high, not only for Ripple but for the entire cryptocurrency industry.
What Will the SEC Do?
Many speculate that the SEC may choose not to appeal, especially with a potential change in administration coming in November. If Donald Trump returns to power, he could make significant changes to how the SEC operates. If the SEC decides to file an appeal, it could be done in just fifteen minutes, allowing them an additional 70 days to submit a full brief. Given this, many wonder why the SEC would wait until the deadline.
Ripple Faces Penalties—But Is It Enough?
In its August ruling, the court ordered Ripple to pay a civil penalty. However, Ripple managed to secure a stay on the $125 million payment on September 4. The SEC initially sought a much larger penalty of $2 billion, but the court dismissed this request. Additionally, the SEC’s attempt to recover $876 million in profits from XRP sales was rejected.
The court stated that disgorgement is only appropriate when there are identifiable victims who suffered financial harm. The SEC has until October 6 to appeal this decision.
XRP Market Analysis
Ripple’s XRP token has been on the rise since September 7, gaining about 21%. As of now, XRP is trading at $0.60224 and is trying to maintain support above the important resistance level of $0.60. Notably, on September 28, XRP broke out of a symmetrical triangle pattern that began forming on July 18, 2024, suggesting potential further gains.
The crypto community is eagerly watching to see if the SEC will proceed with an appeal—and how this decision might impact XRP’s price and position in the market.
Is the SEC’s time running out? Share your thoughts on the potential appeal.