Ripple's Chief Legal Officer (CLO) has made a bold statement, suggesting that the SEC has only a 10% chance of winning its appeal against Ripple. This comes as a significant development in the ongoing legal battle between the SEC and Ripple, which has major implications for the future of XRP. In this article, we'll break down what this means and why it's causing such a stir in the crypto community. Let's take a look at this XRP News article in more detail.
Ripple CLO Estimates SEC's Appeal Has Just a 10% Chance of Success
In a recent interview, Ripple's Chief Legal Officer, Stuart Alderoty, expressed strong doubts about the SEC's chances of winning the appeal in the XRP case, suggesting they are minimal. He also hinted that a resolution might be just 24 days away, with Ripple ready to settle the matter by paying the $125 million penalty.
Alderoty criticized the SEC’s decision to pursue an appeal, arguing that a rational approach would be to avoid it. However, given the SEC's history with crypto regulation, he finds their actions far from logical.
Alderoty also noted that while an appeal by the SEC wouldn't be surprising, it's important to consider that historically, less than 10% of appeals in the Second Circuit result in the reversal of lower court rulings. Despite the appeal, he reiterated that the court’s decision remains that XRP's secondary market sales are not securities under current law.
How has the XRP Price Moved Recently?
As of today, XRP is priced at $0.569463 with a 24-hour trading volume of $2.03 billion, a market cap of $31.57 billion, and holds a market dominance of 1.52%. Over the past 24 hours, XRP's price has seen a modest increase of 0.15%.
XRP reached its peak price of $3.92 on January 4, 2018, marking its all-time high. Its lowest recorded price was $0.002802 on July 7, 2014. Since that all-time high, the lowest XRP price was $0.113268 (cycle low), and the highest since then was $1.97793 (cycle high). Currently, the sentiment around XRP's price prediction is neutral, with the Fear & Greed Index indicating a score of 27, suggesting a state of fear.
XRP's circulating supply stands at 55.43 billion out of a maximum supply of 100 billion XRP. The current annual supply inflation rate is 5.19%, with 2.74 billion XRP created in the last year.
Could XRP Price See a 10,000% Surge?
Given the current dynamics, the prospect of XRP achieving a 10,000% surge seems highly unlikely in the immediate future. Although XRP is trading above its 200-day simple moving average and has experienced 16 positive trading days out of the last 30 (53%), these technical indicators alone are insufficient to support such an astronomical increase.
The market environment presents several challenges. XRP's price has decreased by 3% over the past year and is down 85% from its all-time high of $3.92. It has been outperformed by 79% of the top 100 crypto assets and has lagged behind major cryptocurrencies like Bitcoin and Ethereum. The yearly inflation rate of 5.19% further dilutes XRP's price potential, as new supply continually enters the market.
On the legal front, Ripple's Chief Legal Officer, Stuart Alderoty, has expressed strong skepticism about the SEC's chances of winning its appeal in the ongoing case against Ripple.
Alderoty believes that the SEC's decision to appeal is irrational and unlikely to succeed, given that historically, less than 10% of appeals in the Second Circuit result in overturning lower court decisions. The current court ruling that XRP’s secondary market sales are not securities under existing law remains in effect, which could provide some stability for XRP.
While Ripple's legal battle might eventually be resolved favorably and could potentially influence market sentiment, the combined factors of XRP's historical price decline, its current performance relative to other assets, and ongoing inflationary pressures make a 10,000% surge highly improbable in the near term.
