Attorney Explains ‘Untouchable’ Part Of XRP Victory Ruling

Anvesh Reddy
July 21, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
XRP Price Set For 61,390% Rally After Long-Awaited Breakout?

Crypto News: The XRP community’s victory in the he U.S. Securities and Exchange Commission vs Ripple lawsuit is barely reversible, according to attorney Jeremy Hogan. Following Judge Analisa Torres’ ruling that XRP is not a security and that digital assets should be viewed in totality of circumstances in which the asset is transacted, the next move from the US SEC is awaited. In December 2022, Hogan predicted that the SEC could likely go for filing for reconsideration of the summary judgment. After the reconsideration attempt, the federal regulatory agency might appeal the decision, the attorney predicted at the time.

Also Read: Terraform Labs Wants Access to FTX Wallets in Fraud Case Defense

Since the Summary Judgment was delivered, the XRP price grew by as much as 60% and so far maintained the same price range around the $0.80 mark, whereas the XRP holders are speculating on the token touching $1 mark soon. The ruling brought about immediate change in the United States crypto ecosystem, with top exchanges like Coinbase reinstating XRP trading on its platform.

Attorney Jeremy Hogan Explains XRP’s Untouchable Part

Referring to the historic ruling by Judge Torres, the attorney said the SEC may not be able to appeal the XRP’s status as not being a security in itself. He explained that the underlying meaning in the order shows that part of the order is not appealable, in what could be an irreversible victory not just for XRP holders but also for the crypto market.

“I don’t think that’s appealable. I don’t think any appellate court would touch that part of the order that says XRP in itself is not a security.”

In a latest, Terraform Labs former CEO Do Kwon is seeking to dismiss the SEC lawsuit against him citing Judge Torres’ ruling in the XRP lawsuit, CoinGape reported.

Also Read: New York Times Reveals Shocking ‘Notes’ Of Sam Bankman-Fried’s Girlfriend

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.