The SEC is now under massive scrutiny following its XRP appeal with an analyst predicting Ripple will hit a new ATH price, regardless.
The U.S. Securities and Exchange Commission (SEC) is set to continue its legal proceedings against Ripple Labs after the Commission filed a notice of appeal with the Second Circuit Court of Appeals.
As reported on October 3, Ripple is committed to vigorously defending itself.
Last year, U.S. District Court Judge Analisa ruled that the sale of XRP to retail investors via exchanges does not violate federal securities laws.
However, over a year later, the SEC remains dissatisfied, claiming the ruling contradicts established legal precedents set by the Supreme Court.
Speculation about internal disagreements within the SEC has arisen following the resignation of Surbir S. Grewal, a prominent Enforcement Director.
In response to the appeal, Ripple CEO Brad Garlinghouse criticized the SEC’s decision as “irrational,” asserting that it has damaged the Commission’s reputation.
He emphasized that XRP’s classification as a non-security is currently established law, stating, “While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today.”
Ripple’s Chief Legal Officer, Stuart Alderoty, expressed disappointment at the SEC’s appeal, suggesting it indicates the Commission’s tendency to engage in “litigation warfare” against the industry rather than applying the law.
He also mentioned that Ripple may consider filing a cross-appeal.
“We are evaluating whether to file a cross-appeal. Regardless, the SEC’s lawsuit has been irrational and misguided from the start, and we’re prepared to demonstrate that again in the appellate court, leading the charge for the industry.”
Despite the ongoing legal situation, crypto analyst Bobby A has pointed out that technical indicators and macro charts suggest a bullish outlook.
He believes that the SEC’s appeal might drive uninformed investors out of the market, causing them to miss a potential bull run.
Citing previous trends, Bobby A noted that XRP rose from $0.11 to $1.95 during the 2020 lawsuit.
CNF’s review of his analysis indicates that he expects the current cycle to mirror the movements seen in 2016-2017.
“Similar to 2016, the price is tightly aligned with essential higher timeframe moving averages, including the median line of the monthly Bollinger Bands.”
To bolster his argument, Bobby A pointed out that the possible re-election of Donald Trump and the current fundamentals surrounding XRP could push its price to new all-time highs.
“The XRPETH and XRPBTC charts suggest that this is not the beginning of a prolonged bear market but rather potential capitulation at valued price levels.”
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Also Read: Analyst Now Says XRP Will Surge To $1,000
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