After a positive verdict in the Ripple v. SEC case, the cryptocurrency experienced a surge of over 80%. However, it has since declined and is now below Binance’s BNB as per CMC.
XRP, the fifth-largest cryptocurrency, has experienced an 8% decline in the last 24 hours, bringing its price to around $0.70. As per CMC statistics, XRP has fallen below Binance’s BNB once again. Currently, it holds the 5th position on the list of top cryptocurrencies by market cap on CMC.
Following a positive verdict in the Ripple v. SEC case, which led to major U.S. exchanges like Coinbase and Bitstamp relisting XRP, the cryptocurrency experienced an over 80% rise. However, it has since declined, with Fox Business’ Charles Gasparino attributing the drop to unanswered questions regarding the scope of Ripple’s triumph in court.
Despite the devastating reality of the court’s judgment that $700 million in XRP sales were unlawful and needed to be refunded, the pro-Ripple camp has largely chosen to disregard this aspect.
SEC expected to appeal XRP ruling:
Legal expert John Reed Stark analyzed the court’s ruling and identified several potential issues. According to Stark, the judgment complicates the differentiation between private sales of XRP to approved investors and sales of the tokens through programmatic means on crypto-trading platforms.
Additionally, Stark asserts that this approach could lead to the emergence of a new category of “quasi-securities,” with varying characteristics based on the investor’s expertise level. The judgment raises concerns about whether token sales to sophisticated investors, such as VC firms, should be considered securities or not.
The analyst concludes that the SEC is likely to appeal the Ripple case to the 2nd Circuit, predicting that the District Court’s findings concerning programmatic and other sales will be overturned.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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