Despite the continued appeal, the insecurity of XRP remains
Ripple's chief legal officer, Stuart Alderotti, recently confirmed that XRP is not a security, a point that continues to stir up debate despite a clear court ruling. In the year In July 2023, Judge Analisa Torres ruled that XRP was not classified as a security when traded on secondary markets. While the US SEC is appealing some aspects of the decision, it is not challenging the original ruling on XRP's status as an asset.
Cleaning up the security of XRP
To clear up the confusion, Alderoty took to X and shared a simple joke. He posted an image of a Taylor Swift concert ticket comparing it to XRP. Just as reselling a concert ticket doesn't make it safe, Alderoty emphasized that trading XRP doesn't automatically put it under securities law. His analogy emphasizes that not all traded assets fall into the category of securities.
Moreover, Ripple is now preparing the response by filling out Form C as required. The SEC's appeal is focused on seeking a ‘de novo' trial against Ripple executives Brad Garlinghouse and Chris Larson for their involvement in the sale of XRP. Ripple vs SEC, which could extend to 2025, follows Ripple's partial victory in 2020, when XRP was deemed unsafe when traded on exchanges.
And it could go on….
As the legal battle between Ripple and the SEC continues, Ripple plans to file its response to the SEC's latest appeal. Although the SEC does not dispute XRP's lack of security, the ongoing lawsuit puts XRP's price growth in question.
Currently, XRP is trading at $0.5469, reflecting a slight decline of 0.6%, as developments in the case add more uncertainty to its future direction.
XRP price is gaining momentum.
Overall, the SEC's decision not to appeal XRP's security status has created optimism in the market. Analyst Egrag Crypto believes that XRP may rise to $1.50 soon, although it is currently priced at $0.55. Despite the 11% drop in trading volume on the previous day, XRP purchases are increasing in the futures market, with open positions growing by more than 2% to reach $770 million.
