XRP Community’s Irreversible Triumph

According to attorney Jeremy Hogan, the XRP community’s triumph in the U.S. Securities and Exchange Commission vs. Ripple lawsuit is hardly reversible.

Following Judge Analisa Torres’ ruling that XRP is not a security and that digital assets should be evaluated based on the totality of their transactional circumstances, the US SEC’s next move is awaited.

Hogan predicted that the SEC would likely file for reconsideration of the summary judgment in December 2022.

The federal regulatory agency may appeal the decision following the reconsideration attempt, as the attorney predicted.

Since the delivery of the Summary Judgment, the XRP price has increased by as much as 60% and has maintained the same price range of around $0.80, while XRP holders speculate that the token will soon surpass $1.

The ruling immediately altered the crypto ecosystem in the United States, with major exchanges such as Coinbase reinstating XRP trading on their platforms.

Referring to the landmark ruling by Judge Torres, the counsel stated that the SEC may be unable to appeal XRP’s non-security status.

He explained that the order’s underlying meaning indicates that a portion of the order is not appealable, which could be an irreversible victory not only for XRP holders but also for the cryptocurrency 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.”

Do Kwon, the former CEO of Terraform Labs, has filed a motion to dismiss the SEC’s litigation against him, citing Judge Torres’ decision in the XRP case.