With the deadline for the SEC’s appeal fast approaching, there’s growing anticipation around Ripple’s legal battle and how it could impact the broader market. By October 7, 2024, the SEC must decide whether to appeal the recent ruling in Ripple’s favor, a decision that’s being closely monitored by investors and legal experts alike. However, amid uncertainty in the crypto space, Grayscale recently re-launched its first XRP trust in the U.S.
Some believe the SEC’s chances of overturning the case are slim, and even if an appeal is filed, it may not have a major impact on the final outcome. According to legal analyst Jeremy Hogan, the SEC has only a 10% chance of succeeding in an appeal. Even so, just filing could create enough doubt to shake the market, even if Ripple remains confident in their legal standing.
Regarding concerns about a potential appeal in the Ripple case, on The Good Morning Crypto Show attorney Fred Rispoli said it’s not something to worry about as much. The key issue is the confidence and perception of businesses wanting to use XRP.
He said that Grayscale, for instance, didn’t need to stop the XRP trust originally—they panicked and became hesitant. As a result, they were later targeted with the Bitcoin ETF issue, which forced them to fight back. Now that they’ve regained confidence, they’re comfortable relaunching the trust.
Similarly, if Ripple’s customers are confident in moving forward with the XRP Ledger (XRPL), they can do so regardless of the appeal or how long it takes. There are many ways to navigate around it legally. The responsibility now lies with Ripple as a company to deliver on everything they claimed was hindered by the lawsuit.
“If Ripple’s customers are confident in using the XRPL, they can go ahead and do it. It doesn’t matter what the appeal does or how long it takes—there are plenty of ways to argue around it. The onus is now on Ripple as a company to do everything they said the lawsuit had prevented them from doing,” he said.
