The Ripple and SEC legal battles continue to dominate crypto headlines, with the latest twist being the formal SEC appeal against Ripple’s partial victory. But recent developments go beyond the courtroom. From Elon Musk’s staggering offer to acquire Ripple Labs, to XRP ETF filing by Bitwise, and the latest XRP Ledger burn rate news along with the CTF token launch on the XRP ledger, the Ripple path seems marked by high-stakes maneuvers that could reshape the crypto landscape, so now all eyes are on XRP price movements.
Ripple vs SEC Deadline For Appeal Ends Today
On October 4, 2024, the SEC appeal against Ripple was docketed in the U.S. Court of Appeals for the Second Circuit, reigniting the Ripple and SEC legal battles. The SEC appeal challenges Judge Analisa Torres’s July 2023 ruling that Ripple’s programmatic sales of XRP tokens to retail investors did not violate securities laws. However, the court upheld that institutional sales did breach securities laws, leading to a $125 million fine.
Ripple’s CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, criticized the appeal, expressing confidence in Ripple’s position. With many industry insiders echoing their sentiments, the crypto community eagerly awaits the outcome, as it could have far-reaching implications for U.S. cryptocurrency regulations.
However recent -not yet confirmed news- about an emergency private meeting scheduled by the U.S. Securities and Exchange Commission (SEC) to discuss a potential settlement of the Ripple lawsuit appeal. True or fake news, will soon know.
Elon Musk Bid for Ripple Labs Acquisition
Approximately a month ago, Elon Musk bid for Ripple Labs acquisition shocked the crypto world (with rumors about the amount being @25 to $27B ). Should the deal go through, Musk would gain control over Ripple’s XRP holdings, sparking excitement and speculation. Yet, with Musk already holding $11.7 million in XRP, Musk’s interest in Ripple is no surprising news, but the simple news of Elon Musk bid for Ripple Labs acquisition could propel the XRP Ledger to a central role in global finance, transforming it into the backbone of cross-border transactions.
Analysts are optimistic about this move, forecasting that the XRP market cap could potentially surge to $40 trillion by 2025, while the XRP price per token skyrocketing to over $1,4k. Musk’s interest in Ripple suggests a strategic move to solidify his influence over the crypto market and strengthen his foothold in blockchain technology.
What Comes Next For XRP Price?
The SEC appeal, XRP ETF filing, and Musk’s interest in Ripple are reshaping the conversation around XRP price and its potential. Adding to that the XRP Ledger confirmed a 50% burn rate, Ripple journey which is mainly marked by significant regulatory challenges, has proven the company’s resilience and innovations to keep it at the forefront of the industry.
The future remains uncertain, but one thing is clear: Ripple’s impact on the crypto space is profound. As the case progresses, the coming months could redefine XRP price and its role in global finance.
