XRP Price Tanks 11% after US SEC Appeals Court Decision on Ripple Lawsuit
Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC’s appeal, calling it an extension of the agency’s “litigation warfare”.
Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC’s appeal, calling it an extension of the agency’s “litigation warfare”.
Legal experts, including former SEC attorneys, believe an appeal is likely, citing concerns about inconsistencies in rulings related to programmatic XRP trading.
Ripple has made significant investments in the XRP market to improve its liquidity and real-world utility following the closure of the SEC-led lawsuit.
Top lawyer says the SEC’s potential appeal is a complete waste of taxpayer money.
Ripple’s legal victory over the SEC in 2024 boosted market confidence. XRP was declared a non-security in secondary market trades, giving the crypto industry much-needed regulatory clarity.
The closure of the Ripple vs SEC lawsuit that saw the firm ordered to pay $125 million in civil penalty has significantly freed XRP from bearish sentiments.
The recent breach of the Supreme Court’s YouTube Channel highlights a growing trend where cybercriminals are taking advantage of social media accounts belonging to individuals, businesses, and organizations to promote fraudulent cryptocurrencies.
XRP has shown strong performance by maintaining critical support levels around $0.51 and rebounding to $0.58.
The closure of the SEC vs Ripple lawsuit has been a major turning point for the XRP mainstream adoption.
The cryptocurrency’s near-term outlook remains cautious, with potential for further declines if current trends continue.
Ripple token or XRP is an independent digital asset, native to the Ripple Consensus Ledger. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency (XRP).
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.