Ripple’s native token, XRP, has shown a significant surge after the news of US Securities and Exchange Commission(SEC) appealing in Ripple case surfaced.
Fox Business journalist Eleanor Terret posted on X that the SEC is likely to appeal, citing a former SEC lawyer as a source. An appeal could impact XRP price as it brings into question the legal clarity of the altcoin as a non-security in transactions on crypto exchange platforms.
🚨NEW: A former @SECGov lawyer who recently left the agency tells me the SEC will ‘probably’ appeal Judge Torres’s July 2023 ruling concerning the $XRP programmatic sales in the @Ripple case partly because: “everyone over there [at the SEC] truly believes that the decision is…
— Eleanor Terrett (@EleanorTerrett) September 26, 2024
On the contrary, after the news started doing rounds on X and other social media, XRP witnessed a huge surge in its price value. On 28 September 2024, the price value of XRP was $0.5878, the rally started at $0.6072, but it is now trading at $0.6452. The crypto has seen a jump of over 9% in the past 7 days.
Note that XRP’s surge is also a positive manifestation of several other factors- its recent partnering with India to facilitate oil purchases with Saudi Arabia unlocking a staggering $500 trillion market, Turkey’s second largest bank also now accepts XRP.
But mostly, the surge is a result of the SEC likely to appeal in the court. The appeals’ deadline is on October 6, and SEC’s appeal could further change XRP’s current trajectory. Indeed, some investors are worried that if anything changes the court’s decision, XRP’s price might see a dip. XRP has failed to hit the $0.70 mark since the case was won in August. But, if the case ends with no appeal, XRP is expected to march toward $1 by the end of 2024.
