XRP Lawsuit: Ripple CLO Optimistic Amid SEC Appeal, XRP Hits $3 Milestone
The U.S. Securities and Exchange Commission (SEC) has officially filed an opening brief with the U.S. Court of Appeals for the Second Circuit, challenging a prior court ruling that determined XRP was not a security when sold to retail investors. The SEC seeks to classify all XRP transactions as unregistered securities offerings, escalating the legal dispute with Ripple.
Ripple’s Chief Legal Officer, Stuart Alderoty, responded to the appeal on X (formerly Twitter), stating:
“As expected, the SEC’s appeal brief is a rehash of already failed arguments – and likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”
Ripple CEO Brad Garlinghouse also weighed in, expressing frustration with the SEC’s persistent approach:
“One definition of insanity… Doing the same thing over and over and expecting different results. Gensler’s SEC really took this to heart.”
XRP Price Surges to $3 Amid Legal Battle
Despite the ongoing legal challenges, XRP has shown remarkable resilience. The cryptocurrency soared by 14%, reaching a yearly high of over $3 on Wednesday morning, marking renewed investor confidence. In the broader crypto market, XRP leads gains alongside Dogecoin, significantly outperforming Bitcoin.
Bitcoin has reclaimed the $100,000 mark, trading slightly above it, while Ethereum is trending upward, surpassing $3,400. However, XRP’s impressive rally, climbing to $3.15—up nearly 31% over the past week—remains the standout story.
Analysts See Bullish Momentum for XRP
XRP’s technical charts signal strong momentum, with analysts forecasting potential price increases. Some believe XRP could push past $4, supported by an extended accumulation phase. While market conditions may experience some short-term volatility, a breakout appears imminent. Speculation surrounding Trump’s potential influence on the crypto market has added to the buzz, though traders caution about a possible “sell the news” scenario.
XRP’s continued performance, coupled with Ripple’s legal resilience, is keeping it at the forefront of the cryptocurrency market, even as regulatory headwinds persist. Investors and analysts alike remain focused on its potential trajectory in the weeks ahead.
