Ripple’s law journey is astonishing, as it laid the foundation for other crypto companies. The year 2023 has proven suitable for Ripple. The SEC’s anticipated interlocutory appeal met a setback and was delayed till April. Now, the ball is in Ripple’s court, boosting XRP’s price. Since halving is nearing this news, XRP is already cashing on to a 5% jump. However, it is less than the summary judgment, which garnered a 72% hike. As the road is clear till 2024, many think this is the right time for XRP to capture the lost glory.
The United States District Court for the Southern District of New York has made a significant decision in the ongoing legal battle between the SEC and Ripple. A trial date has been set for the second quarter of 2024. This development comes after the court rejected the SEC’s motion for an interlocutory appeal, a significant setback for the regulatory body.
SEC’s Appeal Rejected, A Comeback Moment for XRP!
Judge Analisa Torres, in her rejection, pointed out that the SEC failed to articulate how the court’s previous ruling misapplied the Howey test, a crucial factor in determining securities status. She also noted that the interlocutory appeal wouldn’t likely lead to a reversal of judgment, and other elements supported XRP’s classification.
The Court’s Pretrial Scheduling Order requires both parties to submit documents by December 4, 2023, to set the trial date. Failure to meet this deadline may delay the trial. Ripple vs. SEC is a crucial case that could break the SEC’s legal barriers to crypto. As John Deaton remarked, the only method to oppose the SEC is to go legal, even in the Supreme Court.
What Next for XRP Price?
In response to this news, the price of XRP experienced a notable surge of 4%, underscoring how legal developments can make or break prices. This is indicative of the high stakes involved in such legal proceedings.
Looking ahead, analysts have put forward various predictions regarding XRP’s price movements. Egrag Crypto has boldly predicted a potential price surge exceeding 1,000%, envisioning XRP trading at $6.7. This projection is based on XRP’s continued support above a crucial 10-year trendline.
Another analyst suggests that XRP might be on the cusp of a breakout from its recent sideways trading pattern, akin to movements observed in other digital assets like MakerDAO’s $MKR. These predictions highlight the speculative nature of cryptocurrency markets, where legal developments and technical analysis can profoundly impact prices.
Wells Fargo Manager Shannon Thorp believes that as this sector expands to a projected $250 trillion, it could propel XRP to $500.
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