Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ripple-continues-legal-battle-over-xrp-coins-classification/" data-wpel-link="internal">Ripple Continues Legal Battle Over XRP Coin’s Classification</a> 
The price of XRP Coin stands at $0.53, struggling to reclaim the $0.6 threshold. The decline in BTC has also impacted this. The primary reason for the drop in XRP Coin’s value is the <a href="https://en.coin-turk.com/googles-partnership-with-layerzero-a-game-changer-for-cryptocurrency/" data-wpel-link="internal">SEC</a>‘s decision to appeal the court’s ruling in favor of Ripple . This appeal will likely further prolong the case, negatively affecting price performance. 
<h2 style="text-align: justify" id="ripple-case-background">Ripple Case Background</h2> 
The lawsuit, which began in December 2020, has persisted as the SEC remains steadfast. The court ruled that secondary market sales are not considered securities, thus imposing a penalty discounted by 94% to $125 million for institutional sales as the SEC requested. Ripple’s Legal Director, Stuart Alderoty, announced that they would counter-appeal to ensure the ruling by Judge Torres remains intact. This indicates that the fight with the SEC will not be abandoned. 
<blockquote> 
 “We are making this counter-appeal to ensure that we leave nothing on the table, including the argument that without fundamental rights and obligations present in a contract, there can be no investment contract.” 
</blockquote> 
Unlike Judge Torres, who does not consider XRP Coin a security, the SEC believes that it can amend its decision during the appeal process. In the coming weeks, the Ripple team will make its official filing following the SEC’s opening brief and will not disclose new supporting arguments beforehand. 
<h2 style="text-align: justify" id="timeline-for-ripple-case-conclusion">Timeline for Ripple Case Conclusion</h2> 
The case is likely to continue for another year. The SEC’s opening brief is expected by the end of January. Ripple’s opening brief may be announced a few weeks or months later. Alderoty stated; 
<blockquote> 
 “I don’t think people paying attention should be too disturbed by the attempts to create confusion, because I believe the judge did the right thing, and I think the appellate court should welcome the opportunity to address this issue and ultimately bring the clarity we need. However, we still need a policy solution. Without regulatory clarity, the matter will fall into courts, and we are ready to continue this battle, achieve victories, and bring clarity to the sector through the legal process.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-396112 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/10/XRPUSDT_2024-10-10_19-07-36.png" alt="" width="1814" height="836"> 
Experts suggest that the appeal process could stretch into early 2026. Consequently, XRP Coin may experience limited growth in this bull market due to concerns over a potential unsuccessful appeal. 
The post <a href="https://en.coin-turk.com/ripple-continues-legal-battle-over-xrp-coins-classification/" data-wpel-link="internal">Ripple Continues Legal Battle Over XRP Coin’s Classification</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Ripple Continues Legal Battle Over XRP Coin’s Classification

Table of Contents

COINTURK NEWS

Other articles published on Oct 10, 2024

Uniswap Labs Unveils Unichain: Altcoin Surges Amid New Layer 2 Launch

Ethereum Price Prediction for Q4: Is the Bottom Near?

Lamborghini to Unveil Web3 Platform "Fast ForWorld" With Animoca Brands

Tron Whales Are Accumulating This New Altcoin Dubbed ‘Next’ BNB

Genius Trump Solana Memecoin Will Explode Over 19,000% Before Exchange Listings, While Shiba Inu ...

5 Altcoins Flying Under the Radar With Promising Growth on the Horizon

Join our free newsletter for daily crypto updates!