TL;DR:
Nothing has changed for XRP’s fundamentals, despite the SEC’s appeal in the lawsuit between the two, claim analysts.
Some went further, predicting a decisive win for the Brad Garlinghouse-led company.
Still Bullish on XRP
The legal tussle between Ripple and the US Securities and Exchange Commission is close to marking a four-year anniversary in December. The company is believed to have the lead, as it gathered a few important partial wins over the course of the battle, especially after this summer’s decision by a US judge that it should pay a penalty of only $125 million instead of the $2 trillion the regulator initially sought.
Many industry experts considered this to be the final nail in the SEC’s coffin, but that hasn’t been the case. The Commission, rather unexpectedly for some, decided to appeal the court’s decision yesterday, still insisting that XRP is indeed a security.
The underlying asset’s price tumbled immediately after news of the appeal broke, and currently stands with a 15% daily drop. It went from a daily high of $0.6 yesterday to $0.514 within less than 24 hours.
However, several analysts and long-term Ripple supporters seem unfazed by the SEC’s actions and the subsequent price crash for XRP. Dark Defender told their 110k followers that XRP’s value is not determined by a lawsuit and that they should basically ignore the noise.
The SEC appeal is a pure blunder and will separate the 1% from the entire population with a poor mindset.
Nothing has changed for Ripple & $XRP.
The price is not dependent on this lawsuit, as we analysed before.
Thank you Atty. Jeremy for the insights. pic.twitter.com/LkQRJUkBii
— Dark Defender (@DefendDark) October 3, 2024
Buying More XRP?
Oscar Ramos is another popular analyst on X who is still bullish on Ripple’s native token despite the SEC’s appeal. After summarizing the events that transpired in the past day, he forecasted a win for the company and predicted another embarrassing moment for SEC Chair Gary Gensler.
Additionally, he believes XRP doesn’t have a security status under the current US regulations, which is why he said he bought more of the asset.
IF You HOLD $XRP I Got Breaking News For YOU
1. SEC Appeals Ripple Case
2. #XRP Price DUMPS after notice
3. Everyone agrees Gary is a sore loser, Embarrassment
4. Ripple Will Win Again and Defeat BAD Actors
5. I just bought more XRP, here’s what I did
6. XRP’s status as a… pic.twitter.com/ya8yRN4kdn
— Oscar Ramos (@realOscarRamos1) October 2, 2024
The post XRP’s Fundamentals Are Still Solid Despite SEC’s Appeal in Ripple Lawsuit: Analysts appeared first on CryptoPotato.
