The ongoing Ripple vs. SEC lawsuit has kept XRP under pressure, with uncertainty surrounding the SEC’s potential appeal against the Programmatic Sales ruling. The lack of clarity from the SEC, even nine days after the final judgment, has left the market on edge and sparked heated debates within the crypto community.
Will the SEC Win Its Appeal Against Ripple?
A heated debate over the Ripple vs. SEC lawsuit appeal gained traction when Dennis Kelleher, CEO of Better Markets, confidently tweeted that the SEC had a 90% chance of winning its appeal against Ripple.
He criticized the judge’s ruling in the Ripple case, arguing that it favored sophisticated investors over unsophisticated ones, a stance he claimed other judges had rejected.
In response, Pro-XRP lawyer Bill Morgan countered Kelleher’s claims on Twitter. Morgan pointed out that not all judges have dismissed the approach used by Judge Torres in the Ripple case.
He highlighted that Judge Jackson, who presides over the Binance case, also supported the distinction between institutional investors and retail buyers, just like Judge Torres. This differs from Judge Rakoff’s ruling in the Terraform case, where such a distinction was not recognized.
Morgan argued that at least two judges agree with the differentiation between institutional and retail investors, suggesting that the SEC’s odds of winning the appeal might be closer to 9%, not 90%.
XRP Poised for Major Breakout
As the legal battle rages on, XRP is approaching a critical point, with its price movement indicating a potential breakout from a multi-year triangle pattern.
However, prominent crypto analyst Dark Defender has noted the formation of a bullish hammer candle on the monthly chart, signaling potential upward momentum. If a breakout occurs, targets of $1.00, $1.40, and $1.88 have been suggested.
Currently, XRP is trading at $0.57, marking a slight surge in the last 24 hours with a market cap of $31.8 billion.
