Ripple Hits Record High in Korean Won as SEC Appeals Court Decision: What’s Next for XRP?
In a whirlwind of developments, Ripple (XRP) has surged to a historic high in Korean won, while the U.S. Securities and Exchange Commission (SEC) has reignited its legal battle with Ripple Labs. On January 16, Ripple touched 4,968 won on Upbit, a leading South Korean cryptocurrency exchange, surpassing its previous peak of 4,925 won recorded in January 2018. This milestone marks the first time in seven years that Ripple has achieved such a valuation, sparking optimism among investors and analysts alike.
what’s Driving Ripple’s Surge?
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The upward trajectory of ripple is attributed to several factors. The U.S. December Consumer Price Index (CPI) data, released the previous day, showed a more stable core CPI than expected, fueling speculation of a potential interest rate cut. This macroeconomic indicator has bolstered confidence in the cryptocurrency market, with Ripple reaping the benefits.
Additionally, the impending inauguration of U.S. President-elect Donald Trump on January 20 has been cited as a key driver. Industry insiders suggest that Trump’s administration could adopt a more favorable stance toward U.S.-based virtual assets, possibly leading to the withdrawal of ongoing SEC lawsuits. According to a report by the New York Post, Trump has “positively accepted the idea of stockpiling virtual assets created in the United States, such as Ripple, solana, and USD Coin, as strategic assets.”
SEC’s Appeal: A Last-Ditch Effort?
Despite Ripple’s bullish momentum, the SEC has doubled down on its legal battle. On January 15, the regulatory agency submitted an opening brief to the U.S. Court of Appeals for the Second Circuit, seeking a reexamination of whether Ripple violated securities laws. the SEC argued that Ripple Labs “made retail investors expect profits from purchasing Ripple” and should therefore be judged to have violated securities laws.
Though, the virtual asset and legal communities remain skeptical about the SEC’s chances of success. Many believe the appeal will have a limited impact on ripple, citing insufficient legal grounds and the impending resignation of SEC Chairman Gary Gensler on January 20. jeremy Hogan, a partner at Hogan & Hogan, dismissed the SEC’s brief as “baseless,” stating, “It seems as if the author knew it was a waste of time.”
Stuart Alderotti, Chief Legal Officer (CLO) of Ripple Labs, echoed this sentiment, noting, “Once the Trump administration takes office, the SEC’s appeal is likely to be discarded. The SEC’s actions are just noise.” Jin Hyun-soo, a representative attorney at Decent Law Firm, further emphasized the weak legal basis of the appeal, stating, “Retail investors who purchased Ripple were not in a relationship of economic dependence expecting direct promises or profits from Ripple Labs.”
Key Takeaways: what’s Next for Ripple?
| Key Event | Details |
|———————————–|—————————————————————————–|
| Ripple’s Record High | Touched 4,968 won on Upbit, surpassing the 2018 peak of 4,925 won.|
| SEC’s Appeal | Filed an opening brief to reexamine Ripple’s securities status. |
| Trump’s Inauguration | Potential shift in SEC’s stance under the new administration. |
| Legal Community’s View | SEC’s appeal seen as weak and unlikely to succeed. |
As the legal drama unfolds, the cryptocurrency community remains cautiously optimistic. The combination of favorable macroeconomic indicators, political shifts, and the SEC’s dwindling legal leverage suggests that Ripple’s upward trajectory may continue. For now, all eyes are on the Second Circuit Court and the incoming Trump administration, which could reshape the regulatory landscape for virtual assets in the United States.
Stay tuned to Blooming Beat for the latest updates on Ripple and the evolving cryptocurrency market.
ripple’s Record High adn SEC Legal Battle: insights from Cryptocurrency Expert Dr. Emily Carter
In a week of significant developments for the cryptocurrency market, Ripple (XRP) reached a historic high in Korean won, while the U.S. Securities and Exchange Commission (SEC) reignited its legal battle against Ripple Labs. To unpack thes events, we sat down with Dr. Emily Carter, a leading cryptocurrency analyst and legal expert, to discuss the factors driving Ripple’s surge, the implications of the SEC’s appeal, and the potential impact of the incoming trump governance on the regulatory landscape.
What’s Driving Ripple’s Surge?
Senior Editor: Dr. Carter, Ripple recently hit a record high of 4,968 won on Upbit, surpassing its 2018 peak. What do you think is fueling this surge?
dr. Emily Carter: There are several factors at play here. First,the release of the U.S. December Consumer Price Index (CPI) data showed a more stable core CPI than expected, which has led to speculation about a potential interest rate cut. This macroeconomic indicator has boosted confidence in the cryptocurrency market, and Ripple has been a direct beneficiary.
additionally, the impending inauguration of President-elect Donald Trump has created optimism among investors. there’s a growing belief that the Trump administration could adopt a more favorable stance toward U.S.-based virtual assets, perhaps leading to the withdrawal of ongoing SEC lawsuits. Reports suggest that Trump has positively accepted the idea of stockpiling virtual assets like Ripple, Solana, and USD Coin as strategic assets.
The SEC’s Appeal: A Last-Ditch Effort?
Senior Editor: Despite Ripple’s bullish momentum, the SEC has filed an appeal to reexamine whether Ripple violated securities laws. What’s your take on this move?
Dr. Emily Carter: The SEC’s appeal seems like a last-ditch effort to maintain its position. On January 15, the agency submitted an opening brief to the U.S. Court of Appeals for the Second Circuit, arguing that Ripple Labs made retail investors expect profits from purchasing Ripple, thus violating securities laws. However, many in the legal and cryptocurrency communities are skeptical about the SEC’s chances of success.
Jeremy Hogan, a partner at Hogan & Hogan, has dismissed the SEC’s brief as “baseless,” and Stuart Alderotti, Ripple’s Chief Legal Officer, has noted that the appeal is highly likely to be discarded once the Trump administration takes office. The SEC’s actions are seen as noise rather than a substantive legal challenge.
Trump’s Inauguration and the Future of Virtual Assets
Senior Editor: How might the Trump administration reshape the regulatory landscape for virtual assets like Ripple?
Dr. Emily Carter: The Trump administration could bring a significant shift in how virtual assets are regulated in the U.S. If the reports are accurate, Trump’s team may view cryptocurrencies as strategic assets, which could lead to more supportive policies. This would be a stark contrast to the current SEC’s approach under Chairman Gary gensler, who has been quite aggressive in pursuing enforcement actions.
If the SEC’s appeal is indeed discarded, it could pave the way for a more favorable surroundings for Ripple and other cryptocurrencies. This would likely boost investor confidence and could lead to further price increases for XRP.
Key Takeaways and What’s Next for Ripple
Senior Editor: What are the key takeaways from these developments, and what should investors and the cryptocurrency community watch for in the coming months?
Dr. Emily Carter: The key takeaway is that Ripple’s upward trajectory is being driven by a combination of macroeconomic factors, political shifts, and the SEC’s dwindling legal leverage. Investors should keep an eye on the Second Circuit Court’s decision regarding the SEC’s appeal and the policies that the Trump administration implements after January 20.
If the SEC’s appeal is dismissed and the new administration adopts a more favorable stance, we could see continued growth for Ripple and other cryptocurrencies. However, it’s vital to remain cautious, as regulatory changes can be unpredictable. The cryptocurrency community should stay informed and be prepared for potential shifts in the market.
Senior Editor: Thank you,Dr. Carter, for your insights. It’s clear that the coming months will be pivotal for Ripple and the broader cryptocurrency market.
Dr. Emily Carter: Thank you. It’s an exciting time for the industry, and I look forward to seeing how these developments unfold.
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