- Ripple’s CEO, Brad Garlinghouse, criticized the SEC’s regulation-by-enforcement approach, intensifying their ongoing legal dispute.
- General Counsel Stuart Alderoty emphasized that Ripple’s cross-appeal seeks to clarify whether XRP can be classified as an investment contract.
- Despite legal challenges, XRP’s bullish sentiment persisted, with long positions on exchanges like Binance and OKX surpassing a 3.5 ratio.
Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has taken another turn as CEO Brad Garlinghouse publicly criticized the agency’s approach to regulation. Garlinghouse argues that the SEC, under Chair Gary Gensler, persists in a regulation-by-enforcement strategy. In a move to address all aspects of the case, Ripple filed a cross-appeal, escalating the conflict over XRP’s classification.
Ripple Fights Back: Cross-Appeal Seeks Clarity on Key Legal Issues
Stuart Alderoty, Ripple’s General Counsel, clarified that the cross-appeal aims to resolve lingering legal questions. Ripple contends that an “investment contract” cannot exist without the typical rights and obligations of a standard contract.
Ripple has consistently defended its position that XRP is not a security, a point that Alderoty highlighted the SEC is not contesting in this appeal. He also pointed out that the SEC previously failed in its attempts to classify Ripple’s XRP sales on exchanges as securities.
Read also : Ripple Case: Lawyer Sees No Settlement with SEC Despite Ruling
Meanwhile, XRP’s price climbed to $0.534, marking a 1.32% increase over the past 24 hours. With $1.29 billion in trading volume and a market cap over $30 billion, XRP is attracting significant investor attention.
Derivatives trading volume exploded by 80.40%, with open interest rising by 3.12%. The long/short ratio on exchanges like Binance and OKX reveals traders are leaning towards long positions, with ratios exceeding 3.5. This data suggests a bullish outlook despite the legal uncertainties.
Volatility Spikes in XRP Market
XRP market volatility has intensified, leading to liquidations for both long and short traders, totaling over $1 million in the last 12 hours. Notably, XRP’s options market saw an 86.67% drop in volume, indicating a potential shift away from options as traders explore other trading strategies. This surge in volatility may foreshadow significant price swings as the legal proceedings continue.
Ripple’s cross-appeal and the ongoing legal battle with the SEC further complicate the regulatory environment. The case’s outcome could significantly influence how cryptocurrencies are regulated in the U.S.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
