TL;DR
- The SEC must clarify its appeal in the Ripple case by October 17, with the full briefing process potentially extending to July 2025.
- Despite the ongoing legal battle, analysts remain hopeful about XRP’s future, especially if Bitcoin’s price rallies.
What’s Next?
The lengthy legal battle between Ripple and the US Securities and Exchange Commission (SEC) seems nowhere near its end after the regulator appealed a 2023 verdict set by Judge Analissa Torres. Back then, she ruled that secondary sales of XRP did not constitute securities sales.
Earlier this week, the X user Ashley PROSPER claimed the SEC has until today (October 16) to reveal what it is actually appealing against. Interestingly, the deadline marks the end of Ripple Swell (the company’s annual flagship event held this year in Miami, Florida).
Most recently, Eleanor Terrett (a popular Fox Business journalist) spoke with Stuart Alderoty (the company’s CLO), who outlined “a rundown of the appeals timeline.” According to the exec, the watchdog has until October 17 to file Form C, “which will give some level of detail about what it plans to appeal.”
Ripple will then have seven days to file its own Form C, which will present additional information about its own cross-appeal.
After that, both entities will shake hands on a briefing schedule. The SEC will have 90 days to file its first brief, and Ripple will respond shortly after.
“Alderoty says he expects them to take the full 90 days. That opening brief will be a full recitation of all the legal arguments that the SEC will be making,” Terrett said.
Ripple’s CLO expects the full briefing process to go through July 2025. Some X users commenting on the post expressed frustration that the lawsuit will most probably drag on for a few more years, which could add a new doze of uncertainty and suppress the price of XRP.
XRP Volatility
The latest announcement related to the Ripple v. SEC case coincides with the shaky performance of the company’s native token. It hovered between $0.52 and $0.55 in the past week and is currently worth around $0.53 (per CoinGecko’s data).
Despite that, numerous analysts envision good days ahead for XRP. The Moon (an X user with over 1.3 million followers) maintained that the asset is “holding strong” and could “regain bullish momentum” should BTC soar above $67,000. Recall that the primary cryptocurrency briefly pumped to almost $68,000 less than 24 hours ago, trading at around $66,800 as of the moment.
