SEC to file Opening Brief against XRP

By Cody, Contributor

The SEC vs. Ripple legal battle has reached a critical juncture with the SEC filing an appeal on October 17, 2024, challenging aspects of the July 2023 ruling that deemed XRP not a security when sold to retail investors on exchanges. This appeal was filed amidst expectations of shifts in U.S. crypto policy, particularly with the anticipated change in SEC leadership.

The deadline for the SEC to file its opening brief in this appeal was set for January 15, 2025. There's significant speculation around whether the SEC will proceed with the appeal under potentially more crypto-friendly SEC leadership, like incoming SEC Chair Paul Atkins, who might reverse course on the agency's aggressive crypto enforcement efforts.

Ripple's XRP has shown resilience, with recent market movements indicating strong buying pressure. Despite the legal uncertainties, XRP has surged above $2.50, showing potential to reach $3 in 2025 if the legal situation resolves favorably. The market's anticipation of a regulatory shift under new leadership could influence whether the SEC continues with its appeal or decides to withdraw it, impacting XRP's price trajectory significantly.

The community and investors are closely watching these developments, with some optimism that even if the appeal moves forward, Ripple might continue to prevail in court, potentially reshaping crypto adoption in the U.S.