The XRP price has climbed by 2.5% over the last 24 hours, reaching $0.54 after Ripple filed a cross appeal against the SEC yesterday.
XRP has also gained 3% in the past week, with legal experts increasingly optimistic about Ripple’s chances of weathering the SEC’s latest challenges. Some believe Ripple has a strong case in its cross-appeal, with lawyer James A. Murphy arguing that XRP sales to institutions weren’t investment contracts as defined by the Howey test.
This is the argument Ripple is now presenting in its appeal, and other legal professionals suggest that even if the SEC’s appeal succeeds, the repercussions for Ripple may not be severe. Consequently, the XRP price is expected to see a significant recovery in the coming weeks and months.
James Murphy, also known as MetaLawMan on Twitter, recently explained his perspective that Ripple should appeal against the SEC’s claims, asserting that transactions with institutions were not investment contracts, despite being governed by written agreements.
Ripple seems to have taken such advice to heart, as their legal counsel, Stuart Alderoty, recently announced the filing of a cross appeal. Even if Ripple’s cross-appeal is unsuccessful, some legal analysts suggest the consequences may not be too harsh. Attorney Jeremy Hogan has indicated that Ripple might only face a financial penalty, though he believes the SEC is unlikely to win.
These arguments have helped stabilize the XRP price, which is showing signs of renewed momentum. Its 30-period moving average is approaching the 200-period average, indicating potential growth. XRP’s relative strength index has risen above 60, suggesting further room for growth.
It will be intriguing to see if the XRP price can surpass its current resistance level of approximately $0.55. If so, the coin could extend its rally into the next week, possibly reaching $0.60 by the end of October.
Many traders continue to hope for XRP’s success, but its slow progress in recent years suggests they may have to wait until the current appeal issue is resolved. Meanwhile, those seeking quick gains might consider investing in smaller cap tokens or presale coins.
One project gaining traction is Crypto All-Stars (STARS), a new Ethereum-based token that has raised over $2.1 million in its sale. Crypto All-Stars is set to launch the market’s first ‘MemeVault’, allowing users to stake any meme token, including those not on the Ethereum blockchain. This feature uses the ERC-1155 multi-token standard, enabling the tokenization of any coin.
For STARS, this means users will earn greater rewards for staking other meme coins if they hold more of the platform’s native token. This could drive strong demand for STARS, which has a max supply of 42.069 billion. Newcomers can join the STARS sale on the official Crypto All-Stars website, purchasing the coin at $0.0014947 each.
With a robust online community and growing sale momentum, STARS might experience a significant rally once it lists on exchanges.
Twitter:
– James A. Murphy (@MetaLawMan) shared insights into why Ripple should file a cross-appeal against the SEC.
– Stuart Alderoty (@s_alderoty) confirmed Ripple’s filing of a cross appeal.
– Jeremy Hogan (@attorneyjeremy1) shared his opinion on the potential outcomes of the SEC appeal.
