Even though the crypto market is showing signs of recovery, XRP has been stuck around the $0.54 mark. However, popular crypto commentator BitBoy remains confident that XRP is on track for a huge rally, despite recent moves by the U.S. Securities and Exchange Commission (SEC) against Ripple. Could XRP’s price surge soon, amidst the legal challenges?
SEC ReAppeal Against Ripple
Recently, the SEC filed an appeal, challenging Judge Analisa Torres’s ruling that XRP sales on exchanges do not qualify as investment contracts. The SEC also seeks to revive charges against Ripple executives Chris Larsen and Brad Garlinghouse.
This move has sparked concerns among investors who are worried about the potential impact on XRP.
BitBoy’s Take: XRP’s Price Will Rise
In a recent tweet, BitBoy talked about how people are feeling upset about the SEC’s recent actions. The SEC missed the deadline to file their appeal, which made many XRP fans unhappy. But BitBoy believes that these problems will not stop XRP from going up in price, a move that people in crypto often call “mooning.”
BitBoy said that the main issues are about money, not the basics of XRP. He thinks XRP’s growth is still on track.
The SEC is still appealing against Ripple after a court said earlier this year that XRP is not a security. This was a big win for Ripple and XRP holders because it means XRP can stay on exchanges without new rules from the SEC.
Recently, the SEC filed an appeal to question parts of that decision. They missed the deadline for this appeal, which worried many in the crypto world. In a surprise, the SEC got an extra two days to submit their appeal, making XRP supporters even more frustrated.
XRP’s Legal Status Remains Unchallenged
It is important to note that the SEC’s appeal does not contest the court’s decision that XRP is not a security. This means exchanges can continue listing XRP without regulatory concerns.
Ripple’s Chief Legal Officer, Stuart Alderoty, assures that the court’s ruling—that XRP is not a security—remains valid. This keeps XRP in a favorable position in the market, free from immediate regulatory threats.
