Famous crypto pundit Ben Armstrong (BitBoy) has asserted that XRP will experience a bull run regardless of the latest actions from the U.S. Securities and Exchange Commission (SEC).
Notably, the price of XRP is down 2% over the past day, currently trading at $0.5467. XRP rallied to a two-week high of $0.5612 on Thursday but has since lost those gains. The reversal comes as the SEC officially documents details of the rulings in the Ripple case that it chose to appeal.
On October 17, the
SEC submitted
the required Form C statement to the U.S. Court of Appeals for the Second Circuit. According to the SEC’s Form C filing, the regulatory body is challenging Judge Analisa Torres’s ruling that Ripple’s XRP sales on exchanges do not constitute investment contracts.
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The SEC is also seeking to revive its “aiding and abetting” charges against executives Chris Larsen and Brad Garlinghouse, which
were initially dropped.
Furthermore, the SEC is contesting the court’s verdict on Ripple’s use of XRP as a payment method.
BitBoy Reacts, XRP Will “Still Moon”
This latest disclosure from the SEC has drawn attention from the crypto community, with many speculating its impact on XRP. In his
commentary
, BitBoy acknowledged the concerns of XRP investors but noted that there is not much to be worried about.
https://x.com/thecryptobasic
According to him, the SEC’s action “does not matter” to XRP’s price appreciation. He stressed that XRP will “still moon” regardless of the proceeding appeal in the Ripple case.
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XRP’s Position Is Sealed under Law
While the SEC’s latest filing contributed to XRP’s downturn today, it is worth clarifying that the ongoing appeal has no direct bearing on XRP itself. Specifically, the SEC is not challenging the decision that XRP is inherently not a security, as this detail is missing from the Form C filing.
Interestingly, the SEC referred to XRP as a “crypto asset” in its filing, contrasting
its usual terminology
of “crypto asset security.”
Essentially, the SEC’s appeal does not alter the fundamental ruling that XRP is not a security. As a result, exchanges listing XRP since the July 2023 summary judgment do not have regulatory grounds to delist it, unlike the situation when the lawsuit was first initiated four years ago.
Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the XRP ruling “stands as the law of the land.” This reassures XRP holders that XRP’s potential bull run remains unhindered despite the ongoing court case involving Ripple.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
