Although the crypto market is showing signs of recovery, XRP remains stuck around $0.54. However, popular crypto commentator BitBoy remains convinced that XRP is on track for a huge rally, despite recent moves by the US Securities and Exchange Commission (SEC) against Ripple. Could the price of XRP rise soon, amid the legal challenges?
SEC Revocation Against Ripple
Recently, the SEC appealed Judge Analisa Torres’ ruling that XRP sales on exchanges do not qualify as investment contracts. The SEC is also seeking to revive charges against Ripple executives Chris Larsen and Brad Garlinghouse.
This move has raised concerns among investors concerned about the potential impact on XRP.
BitBoy’s Opinion: The Price of XRP Will Rise
In a recent tweet, BitBoy talked about how people are feeling angry about the SEC’s recent actions. The SEC missed the deadline to appeal, which left many XRP fans unhappy. But BitBoy believes these issues won’t cause XRP to rise in price, a move people in crypto often call “mooning.”
BitBoy said 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 Ripple after a court said earlier this year that XRP is not a security. This was a big win for Ripple and XRP holders as it means XRP can remain on exchanges without new rules from the SEC.
Recently, the SEC filed an appeal questioning parts of that decision. They missed the deadline for this call, which worried many in the crypto world. In a surprise move, the SEC was given an additional two days to file their appeal, leaving XRP supporters even more frustrated.
The legal status of XRP remains undisputed
It is important to note that the SEC’s appeal is not contested the court’s decision that XRP is not a security. This means exchanges can continue to list 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.
