Ripple News : What is SEC Doing While Ripple Surges?

The post Ripple News : What is SEC Doing While Ripple Surges? appeared first on Coinpedia Fintech News

With only 8 days left for the SEC to appeal against court ruling regarding the Ripple case, community heart beat is rising. People are divided into two segments. One who thinks the SEC will not file the appeal while the other believes the SEC will apply it at the last moment to extend the time. Is the Commission to appeal or not, let’s discuss.

Filing an Appeal

There is a huge speculation that the SEC is not planning for an appeal as there are chances of Administration shift in November. If Trump comes in power, he might make a number of changes in the ways the SEC works. If the commission wanted to file an appeal, it would only take fifteen minutes and then they would get another 70 days to file the actual brief. Hence there is no meaning of waiting till the deadline. 

Ripple Received Stay Order

The court has ordered a civil penalty to Ripple in its August ruling. The firm applied and received a stay on paying the $125 million penalty on September 4. The SEC wanted to put a $2 billion penalty on Ripple Labs, however, the court dismissed this request. It rejected the SEC’s bid to disgorge the $876 million in profit from XRP sales. According to the court the disgorgement is only appropriate if there are identifiable victims who suffered pecuniary harm. The deadline for the SEC to appeal against this court ruling is October 6.

XRP Market Movement

Ripple’s XRP token has been in an uptrend since September 7, jumping around 21%. At the time of writing, XRP token is trading at a price of $0.60224 and is struggling to claim a support above a major resistance at $0.60. On September 28, XRP rallied and broke the symmetrical triangle that started forming on July 18, 2024.

All community eyes are glued to see if the SEC will appeal the court ruling and how it will affect XRP price and position in market.