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Famous crypto pundit Ben Armstrong (BitBoy) has asserted that XRP will experience a bull run regardless of the latest actions from the U.S. Securities and Exchange Commission (SEC).
Notably, the price of XRP is down 2% over the past day, currently trading at $0.5467. XRP rallied to a two-week high of $0.5612 on Thursday but has since lost those gains. The reversal comes as the SEC officially documents details of the rulings in the Ripple case that it chose to appeal.
On October 17, the SEC submitted the required Form C statement to the U.S. Court of Appeals for the Second Circuit. According to the SEC’s Form C filing, the regulatory body is challenging Judge Analisa Torres’s ruling that Ripple’s XRP sales on exchanges do not constitute investment contracts.
The SEC is also seeking to revive its “aiding and abetting” charges against executives Chris Larsen and Brad Garlinghouse, which were initially dropped. Furthermore, the SEC is contesting the court’s verdict on Ripple’s use of XRP as a payment method.
BitBoy Reacts, XRP Will “Still Moon”
This latest disclosure from the SEC has drawn attention from the crypto community, with many speculating its impact on XRP. In his commentary, BitBoy acknowledged the concerns of XRP investors but noted that there is not much to be worried about.
XRP Army – I understand there are people upset with the SEC Appealing combined with their gaffe of missing the deadline. And then magically they somehow got allowed two extra days.
No concern. It doesn't matter. Remember. The issues in the appeal is all about $$$. We moon still
— The BitBoy (@BenArmstrongsX) October 18, 2024
According to him, the SEC’s action “does not matter” to XRP’s price appreciation. He stressed that XRP will “still moon” regardless of the proceeding appeal in the Ripple case.
XRP’s Position Is Sealed under Law
While the SEC’s latest filing contributed to XRP’s downturn today, it is worth clarifying that the ongoing appeal has no direct bearing on XRP itself. Specifically, the SEC is not challenging the decision that XRP is inherently not a security, as this detail is missing from the Form C filing.
Interestingly, the SEC referred to XRP as a “crypto asset” in its filing, contrasting its usual terminology of “crypto asset security.”
Essentially, the SEC’s appeal does not alter the fundamental ruling that XRP is not a security. As a result, exchanges listing XRP since the July 2023 summary judgment do not have regulatory grounds to delist it, unlike the situation when the lawsuit was first initiated four years ago.
Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the XRP ruling “stands as the law of the land.” This reassures XRP holders that XRP’s potential bull run remains unhindered despite the ongoing court case involving Ripple.
No surprises here — once again it’s been made clear. The Court’s ruling that “XRP is not a security” is NOT being appealed. That decision stands as the law of the land.
Stay tuned for Ripple’s Form C to be filed next week. https://t.co/m9molUGSBv
— Stuart Alderoty (@s_alderoty) October 18, 2024