XRP’s Fundamentals Are Still Solid Despite SEC’s Appeal in Ripple Lawsuit: Analysts

By / / Cryptocurrency / 2 minutes of reading


TL;DR:

  • Nothing has changed for XRP’s fundamentals, despite the SEC’s appeal in the lawsuit between the two, claim analysts.
  • Some went further, predicting a decisive win for the Brad Garlinghouse-led company.

Still Bullish on XRP

The legal tussle between Ripple and the US Securities and Exchange Commission is close to marking a four-year anniversary in December. The company is believed to have the lead, as it gathered a few important partial wins over the course of the battle, especially after this summer’s decision by a US judge that it should pay a penalty of only $125 million instead of the $2 trillion the regulator initially sought.

Many industry experts considered this to be the final nail in the SEC’s coffin, but that hasn’t been the case. The Commission, rather unexpectedly for some, decided to appeal the court’s decision yesterday, still insisting that XRP is indeed a security.

The underlying asset’s price tumbled immediately after news of the appeal broke, and currently stands with a 15% daily drop. It went from a daily high of $0.6 yesterday to $0.514 within less than 24 hours.

However, several analysts and long-term Ripple supporters seem unfazed by the SEC’s actions and the subsequent price crash for XRP. Dark Defender told their 110k followers that XRP’s value is not determined by a lawsuit and that they should basically ignore the noise.

Buying More XRP?

Oscar Ramos is another popular analyst on X who is still bullish on Ripple’s native token despite the SEC’s appeal. After summarizing the events that transpired in the past day, he forecasted a win for the company and predicted another embarrassing moment for SEC Chair Gary Gensler.

Additionally, he believes XRP doesn’t have a security status under the current US regulations, which is why he said he bought more of the asset.





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About The Author

Avatar of Krista Sullivan
Krista Sullivan, who writes about politics, health, business, and finance for Hermes News, is a lifelong news junkie. She spent her childhood reading the newspaper from front to back every day and developed an interest in politics at a young age. After graduating from college, Krista worked as a reporter for several local newspapers before moving to Hermes News in 2015. She has been covering the economy since then and enjoys writing about new developments in the field.

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