XRP Bulls Eye 888% Surge Amid Legal Uncertainty
- Barbara StreisandOriginal
- 2024-10-01 16:36:13402browse
NAIROBI (CoinChapter.com) — Former SEC attorney Marc Fagel has clarified that the Ripple SEC lawsuit does not affect XRP holders.
Former SEC attorney Marc Fagel has clarified that the Ripple SEC lawsuit does not affect XRP holders. According to Fagel, the case is focused entirely on Ripple, and XRP investors are free to use their tokens without restrictions. His remarks followed rising frustration from the XRP community, many of whom believe the lawsuit targets consumers.
Fox Business reporter Eleanor Terrett noted speculation that the SEC may appeal the July 2023 ruling, which concluded that Ripple’s programmatic XRP sales were not securities. Critics, including online users, have questioned the SEC’s consumer protection role, accusing the agency of pursuing the case without proving fraud or misconduct by Ripple.
Subsequently, Fagel responded by saying that XRP holders are not part of the case. He pointed out that the lawsuit focuses on Ripple’s actions, not the users of the token.
Meanwhile, Ripple’s legal team has declared victory, but appeals are still looming. Ripple’s Chief Legal Officer, Stuart Alderoty, expressed confidence that the legal battle with the SEC is largely resolved. He highlighted that courts have consistently dismissed the SEC’s claims as overreach. Alderoty minimized the likelihood of an appeal affecting XRP’s status, suggesting that any further legal action would stem from the SEC’s dissatisfaction with the court’s decisions rather than Ripple’s misconduct.
However, legal expert Fred Rispoli warned that if the SEC appeals, the case could stretch on for several more years, with a final ruling possibly delayed until 2026.
To summarize, Ripple has faced allegations of selling XRP without proper registration, violating securities laws. Additionally, while the company won a major legal victory related to secondary sales of XRP, it was still fined $125 million for other regulatory issues. Despite this, Ripple’s legal team remains confident that any future appeal won’t change XRP’s legal status in the market.
As of October 1, XRP is priced at about $0.6237, showing a drop of almost 3% from the previous day. Meanwhile, its trading volume has fallen by 5.06%, amounting to approximately $2.07 billion.
Notably, market analyst EGRAG has predicted a potential 888% rise in XRP’s value. In his latest analysis, he highlighted a recurring pattern on XRP’s 1-month chart, similar to its price movements in 2017. During that period, XRP touched a red ascending support line four times before launching into a massive bull run.
EGRAG also believes that if XRP breaks its all-time high of $3.31, it could eventually reach $31, with an initial target of $6.50. This prediction aligns with the Fibonacci 1.618 extension level.
Overall, while Ripple’s legal battles continue, XRP holders are largely unaffected, and market sentiment remains positive, showing confidence in the token despite the ongoing Ripple SEC lawsuit.
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