XRP price rally to $0.60 likely with recovery fueled by developments in SEC vs Ripple lawsuit
The ongoing SEC vs Ripple saga had no new updates over the weekend, and the XRP community of holders watched and waited as experts analyzed where the financial regulator is headed next. The Securities & Exchange Commission (SEC) said in its recent motion for interlocutory appeal that digital assets do not have an inherent value and are nothing more than computer code.
The statement made by the financial regulator is in stark contrast to the beginning of the lawsuit where the SEC referred to XRP as a “digital asset security.”
The shift in the SEC’s stance has fueled hope, of Judge Torres’ ruling on XRP being a “non-security” remaining intact. The regulator appears focused on the programmatic sales of the altcoin by payment giant Ripple.
SEC appeal likely focused on programmatic sales of XRP, not its security status
Experts in the crypto and XRP community utilized the weekend to analyze the news of SEC’s motion for interlocutory appeal being accepted by the court. As both parties prepare to file new motions and responses by the scheduled deadlines, experts note the shift in the regulator’s stance.
The SEC had initially maintained that XRP, the native token of XRPLedger, is a “digital asset security,” in its lawsuit against Ripple. The regulator states that digital assets have no inherent value and are nothing more than computer code in its latest filing.
In its filing, the SEC reveals that the regulator did not argue that the asset underlying the investment contract was necessarily a security and it does not seek an appellate review of any holding relevant to the same in its case against Ripple.
The interpretation of the SEC’s stance by Fox Business reporter Eleanor Terrett and pro-XRP attorney John Deaton ushers relief in the community of XRP holders.
With no new filings from the SEC or Ripple over the weekend, XRP price recovered from its decline and climbed past resistance at $0.55. At the time of writing, the altcoin is trading at $0.5291 on Binance. XRP price has rallied 25% from last week’s low of $0.4228 (Aug 17) to by early Monday.