XRP Captain (@UniverseTwenty), a prominent crypto analyst, recently suggested that a potential appeal by the U.S. Securities and Exchange Commission (SEC) could lead to a substantial 21% drop in XRP’s price. This prediction aligns with the prevailing bearish market sentiment. However, his stance may not fully consider the complexities of the legal process.
Prominent attorney Jeremy Hogan recently provided insights into the potential timeline and procedural steps if the SEC decides to appeal. Hogan explained the nuances behind the SEC’s delay in filing a Notice of Appeal.
He noted that the appeal process is relatively straightforward, taking about 15 minutes to file and allowing 70 days to submit the brief. This delay has led to speculation that the SEC has not yet decided on its next steps.
Hogan noted that if the SEC were determined to appeal, it would likely have taken the initial procedural step already. The delay might indicate that the SEC is still considering its options and the broader implications of pursuing an appeal.
Hogan also addressed the timeline for a potential ruling if the SEC proceeds with an appeal. He suggested that a ruling would likely not be issued until late summer of next year.
A Last-Minute Appeal
Although many in the crypto community believe the SEC will not appeal, Marc Fagel and James Farrell, both former SEC attorneys, believe the SEC will appeal the ruling. They have also expressed strong confidence that it will be a last-minute appeal, with Fagel suggesting the regulator appeal the verdict as its loss on programmatic sales is a sign issue.
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Market Reactions and Predictions
XRP Captain’s prediction of a 21% price drop reflects the bearish sentiment prevailing in the market. The uncertainty surrounding the SEC’s actions contributes to this negative outlook. The digital asset is trading at $0.588, but a 21% decline would send it down to $0.4645.
The Ripple Effect, another prominent voice in the XRP community, recently predicted a worse decline for the digital asset following an appeal. He believes XRP could drop as low as $0.13, completely wiping out years of gains for investors. A fall to $0.13 represents a decline of approximately 78%, and it would be extremely difficult for the digital asset to recover from such a decline.
However, Zach Rector has shared potential events that could help XRP in the case of an appeal. Ripple is about to launch its RLUSD stablecoin, making significant strides in tokenization, while the market is excited about a potential ETF launch. These could mitigate the effects of an appeal and potentially help XRP surge.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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