- SEC reportedly deliberates on appeal following recent reports that Ripple (XRP) has asked the court for a stay order.
- While former SEC lawyers are certain that the Commission could file an appeal, a pro-XRP lawyer believes the decision could go either way.
According to Whale Alert data, a whopping 100 million XRP ($54 million) was moved today, September 6, from a Ripple address to an unknown address. In addition, another 31.12 million ($16.9 million) was moved today from the Orbit exchange. This adds to the recent dumping by a popular XRP whale, moving a cumulative amount of 56 million of the asset to crypto exchanges Bitstamp and Bitso.
Amid the backdrop of these massive liquidations, XRP is also struggling to resist the ongoing broad market bear wind as the price declined by 3.6% in the last 24 hours to trade at $0.53 at press time.
SEC vs Ripple (XRP) Case Brouhaha Affecting Bullish Momentum
Investigating the reason behind today’s dumping, CNF discovered that the market could be reacting to the recent reports highlighting the potential SEC’s appeal of a recent ruling.
As reported by CNF, Judge Analisa Torres recently penalized Ripple Labs $125 million for offering XRP to institutional investors. However, the blockchain company has asked the court for a stay order, hinting that the legal battle could be rekindled.
The request, sent to the court, appears to have been accepted as the SEC also sought the order before September 6, which was the deadline for Ripple to pay the $125 million.
According to the document at our disposal, the order’s stay will last 30 days. For clarification, the stay would not apply to any other part of the judgment, including the injunctive relief. In the court document, it is stated that post-judgment interest shall accrue during the Stay. Also, Ripple Labs would, promptly after the entry of this Order, deposit 111% of the amount of the civil penalty into an interest-bearing account with Truist Bank in the name of Ripple Counsel.
Odds of Appeal Increased?
Commenting on this, Lawyer Fred Rispoli disclosed that the probability of an appeal has increased with the filing. Similarly, former SEC lawyers James Farrel and Marc Fagel were certain of an appeal by the Commission. From the date of the order on August 7, the SEC has 60 days to appeal the remedies ruling or other decisions. Farell explains that Ripple would “stay payment of judgment pending appeal and might also post a bond securing.” If Ripple wins, the bond cost will be charged as part of the appeal cost.
Pro-XRP lawyer Jeremy Hogan also believes that the delay in appeal could imply that the SEC is deciding whether to file an appeal or not. According to him, filing a Notice of Appeal is a simple process that could take about 15 minutes to complete.
Speculation time:
Most likely the SEC just hasn’t made a decisison whether it will appeal yet. Why? Filing a Notice of Appeal – see sample below – takes only 15 minutes (you file the Notice and then have 70 days to file the actual brief). If the decision to appeal was already… https://t.co/GYCd4oYNjP pic.twitter.com/YZFDofqEvO
— Jeremy Hogan (@attorneyjeremy1) September 4, 2024
With this happening, analysts believe that XRP could suffer a severe fall down the price curve if it plunges below $0.5326. According to data, a fall below this point could push the price down by 15% to $0.47.
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