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Recent speculation suggests that the Second Circuit might dismiss the SEC’s appeal against Ripple, following the revelation of a new deadline for Form C filing by FOX Business Journalist Eleanor Terrett. Experts have observed that the securities agency missed the deadline, adding momentum to this speculation. For more insights, refer to the content featured in BTCC’s Crypto Academy.
- SEC’s New C Filing: What’s Changed?
- Deadline Extended? New Dates!
- Top Lawyer Verifies Deadline Extension: New Details Emerge
- SEC Mulling Appeal? Here’s What You Need to Know
- Technical Analysis: Could XRP See an 8% Surge?
- Is XRP Considered a Security?
SEC’s New C Filing: What’s Changed?
The SEC, having filed an appeal notice on October 2, was expected to submit Form C by October 16, as crypto experts like Ripple’s Stuart Alderoty pointed out. This deadline, however, was misunderstood, leading to the SEC missing the mark. Now, speculations are rife that the Second Circuit might dismiss the agency’s appeal, given the SEC’s failure to meet the 14-day deadline for Form C filing after notifying the court of its appeal intentions.
Deadline Extended? New Dates!
In a revealing document shared by FOX Business Journalist Eleanor Terrett, it appears that the Form C deadline is still looming. The document reveals that, although the SEC submitted its appeal notice on October 2, it was only officially logged into the Second Circuit’s docket two days later, on October 4. This crucial detail marks October 5 as the official start of the 14-day countdown for the SEC’s Form C submission. As a result, Terrett posits that the new deadline for the agency to file the Form C is set for October 18, at 11:59 p.m. (ET). This slight delay in docketing has pushed the original October 16 deadline to the 18th.
Top Lawyer Verifies Deadline Extension: New Details Emerge
Responding to recent developments, Fred Rispoli, a leading legal expert supporting XRP, verified the authenticity of the Form C deadline extension news. Rispoli revealed that he had not been privy to the SEC’s docketing notice until Hora, a prominent XRP community member, highlighted it to him.
SEC Mulling Appeal? Here’s What You Need to Know
Speculations are rife that the SEC’s upcoming Form C will shed light on its appeal strategy in the appellate court, particularly in relation to its against Ripple. The agency is rumored to be focusing on overturning rulings related to programmatic sales and other distributions of XRP. Despite an earlier attempt by the SEC to seek an interlocutory appeal, Judge Analisa Torres rejected their bid for an immediate hearing. Now, with the final verdict out and the SEC signaling its intention to appeal, the agency could renew its efforts to reverse these decisions. The Form C, although not yet filed, is expected to provide critical insights into the SEC’s legal strategy.
Technical Analysis: Could XRP See an 8% Surge?
For nearly two and a half months, XRP has been trading within a defined range, oscillating between the resistance of $0.6649 (peaked on September 29) and the support of $0.4319 (hit on August 5). Recently, the Moving Average Convergence Divergence (MACD) indicator has flipped bullish, revealed by the emergence of green histogram bars topping the neutral line, hinting at a positive shift in the XRP price trend. This suggests that XRP could potentially appreciate by 8.42%, targeting the psychologically significant $0.6000 mark. In the event of an upward rally, the altcoin will encounter resistance at the September 29 high of $0.6649, a price point untested for over two weeks. Longer-term, the March 2024 peak of $0.7429 stands as the ultimate target. Should XRP undergo a correction, it may seek support within the Fair Value Gap (FVG) spanning from $0.4780 to $0.5136. Additionally, the September 6 low of $0.5000, untested as a support level for more than a month, could be a potential area for a price sweep.
Is XRP Considered a Security?
A court ruling on July 14, 2023, has clarified the status of XRP, stating that it is considered a security when involved in institutional transactions or over-the-counter sales. However, for retail investors who purchased the token through automated exchange sales, on-demand liquidity services, or similar platforms, XRP is not categorized as a security.
