The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has become a captivating saga in the cryptocurrency world. For the past three years, Ripple and the SEC have been fiercely fighting, but currently, Ripple appears to have the upper hand. In this article, we dive into the latest updates on this case and examine how its final outcome could affect the price of XRP and the overall cryptocurrency market.
The Ripple vs. SEC War is Not Over
The dispute between these organizations began in late 2020 when the SEC sued Ripple, accusing their management team of breaking laws and using the alleged unregistered security XRP to raise funds.
Over the years, this legal battle has had many critical moments. However, the most significant turning point was Ripple’s recent victory in mid-July. During this time, a US Judge ruled that the company’s sale of XRP did not count as an offer of investment contracts.
This ruling had a profound impact on the token’s value, causing it to soar to around $0.84, a valuation not seen since March 2022.
Unfortunately, the regulatory body expressed dissatisfaction with the court’s decision and officially appealed it this month. Despite this, many analysts, including KALEO, believe that this appeal will likely lead to a dead end, potentially resulting in another surge in XRP’s price.
Ripple’s Expenses on the Rise
The legal fight with the SEC has been costly for Ripple, resulting in significant financial losses. According to CryptoPotato, the blockchain company has already spent around $200 million in their battle against the regulatory agency.
Nevertheless, Ripple holds the belief that “the end justifies the means” in this war. If they achieve a decisive victory, it could bring substantial advantages for the company’s future expansion. Additionally, it has the potential to generate excitement among cryptocurrency investors and potentially rejuvenate the overall market.