Prominent cryptocurrency commentator Ben Armstrong, better known as BitBoy, has reaffirmed his belief that XRP is poised for significant price growth despite recent actions by the U.S. Securities and Exchange Commission (SEC) against Ripple.
Armstrong has dismissed concerns surrounding the SEC’s ongoing legal challenge, maintaining that XRP’s long-term outlook remains positive.
SEC’s Appeal and XRP Price Movement
Over the past 24 hours, XRP has experienced a slight decline in value, dropping by approximately 1% to $0.5456. On Thursday, the token briefly surged to a two-week high of $0.5612 but quickly retraced those gains following the latest developments in Ripple’s legal battle with the SEC. The downward movement coincided with the SEC’s submission of Form C.
On October 17, the SEC submitted Form C to the U.S. Court of Appeals for the Second Circuit. In this filing, the SEC challenged Judge Analisa Torres’s decision that Ripple’s sales of XRP on exchanges do not meet the criteria for investment contracts under federal law.
Additionally, the SEC sought to reinstate charges against Ripple executives Chris Larsen and Brad Garlinghouse, which had been previously dropped. The SEC is also contesting the court’s finding on Ripple’s use of XRP for payments.
BitBoy’s Reaction: XRP Remains Bullish
Ben Armstrong (Bitboy), who addressed this development in a tweet , reassured XRP investors, noting that the SEC’s recent actions should not cause alarm.
Armstrong emphasized that, in his view, the digital asset remains on track for a price surge regardless of the legal proceedings. “It doesn’t matter,” Armstrong said regarding the SEC’s appeal, maintaining his prediction that XRP will still moon, despite the uncertainty surrounding the court case.
Armstrong’s remarks align with the broader sentiment among certain factions of the cryptocurrency community, who believe that XRP’s potential remains intact, even as Ripple continues to navigate its legal challenges.
XRP’s Legal Status Remains Clear
Despite the SEC’s appeal , it is important to note that the regulator is not challenging the court’s ruling that XRP is not a security. The SEC’s current appeal focuses primarily on aspects of the case concerning Ripple’s practices and the charges against its executives, rather than the token’s fundamental classification. The fact that the SEC did not raise this issue in its appeal is notable, as it leaves the original court ruling on XRP’s status unchanged.
Additionally, the SEC’s filing refers to XRP as a “crypto asset,” which contrasts with previous terms used, such as “crypto asset security.” This distinction indicates that the SEC is not pursuing a reversal of the decision that XRP is not a security.
Ripple’s Chief Legal Officer, Stuart Alderoty, has reiterated this point, affirming that the ruling remains binding and continues to define XRP’s regulatory status. Alderoty has reassured investors that Judge Torres’s verdict still “stands as the law of the land,” reinforcing the notion that the SEC’s appeal has not significantly altered the digital asset’s legal position.
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Future Outlook for XRP
While the ongoing appeal has caused short-term volatility in XRP’s price, the core issue of whether XRP is a security is no longer a dispute. This has provided exchanges that list XRP with the confidence to continue offering the token without regulatory risk, a marked contrast to the uncertainty surrounding the asset when the lawsuit was initially filed in 2020.
Since the court’s July 2023 decision , XRP has regained market support, and the prospect of a prolonged legal appeal is unlikely to affect its status as a non-security asset. Given these legal assurances, many, including Armstrong, are optimistic about the token’s future price trajectory.
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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