The post Ripple Faces Extended Legal Challenges Over XRP appeared on BitcoinEthereumNews.com.

XRP Coin’s value struggles at $0.53, a position weakened by the recent downturn in Bitcoin prices. This decline results largely from the SEC’s recent decision to appeal a favorable court ruling for Ripple, a development that is likely to prolong the ongoing legal battle and affect the cryptocurrency’s price performance. What Is the Backdrop of the Ripple Case? The legal fight began in December 2020, and it continues with the SEC maintaining its stance. The court’s decision clarified that secondary market transactions should not be classified as securities, resulting in a significantly reduced penalty of $125 million for institutional sales, a sharp decline from the SEC’s original request. Ripple’s Legal Director, Stuart Alderoty, announced intentions to counter-appeal to uphold Judge Torres’s ruling, indicating a commitment to the case. When Will the Ripple Case Conclude? Expectations suggest the case may extend for an additional year. The SEC is anticipated to submit its opening brief by late January, with Ripple’s response possibly following weeks or months later. Alderoty expressed confidence in the court’s earlier decision and highlighted the necessity for regulatory clarity, emphasizing that without it, the issue would continue to be resolved in courts. The SEC’s appeal may delay XRP’s price recovery. Ripple’s counter-appeal aims to affirm the court’s ruling. Legal proceedings could extend into early 2026. XRP’s performance is likely to remain subdued as market participants await the SEC’s appeal outcome, raising concerns about the potential implications for the cryptocurrency’s future. The legal landscape surrounding XRP remains critical for its price trajectory. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/ripple-faces-extended-legal-challenges-over-xrp

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Filed under: News - @ October 10, 2024 8:16 pm