Important Ripple v. SEC Lawsuit Updates, Bitcoin (BTC) Price Rally, and More: Bits Recap Oct 17
TL;DR
- Ripple and SEC are entering a new phase in their lawsuit, with filings and appeals extending the case.
- Bitcoin briefly surged past $68,000, fueling optimism about a potential bull run with some analysts predicting new all-time highs.
- Dogecoin soared to almost $0.13, attracting attention with some bold but unlikely forecasts for further gains.
What to Expect on the Ripple v. SEC Front?
The following days are supposed to be quite eventful for the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). According to Stuart Alderoty (the company’s CLO), the regulator has until today (October 17) to file Form C, “which will give some level of detail about what it plans to appeal.”
Ripple will then have seven days to respond with its own Form C that should present further information about its cross-appeal.
Once these procedures get complete, both parties must to agree on a briefing schedule. The agency will have 90 days to file its first brief, while Ripple will get the chance to react shortly after. Alderoty believes the full briefing process will go through July 2025.
Most recently, Fred Rispoli (an American lawyer who has been following the developments in the case) shared his thoughts on the next potential move from the SEC. He believes the Commission will appeal Judge Torres’ decision on “programmatic sales,” “other distribution,“ not allowing disgorgement, and the “too low“ fine of $125 million.
“You might even see SEC appeal XRP in and of itself isn’t a security“ dicta/holding. SEC assuredly won’t win on this, but nothing stops it from throwing a few paragraphs at it in an appellate brief,“ he concluded.
BTC Resurgence
The primary cryptocurrency has been on a tear in the past several days, surpassing $68,000 on October 16. In the following hours, it slightly retraced to the current $67,300, but bulls seem to remain in charge.
Crypto X is full of analysts who think the ongoing revival could be the starting point of a major bull run. Ali Martinez, for instance, envisioned a spike to a new all-time high of approximately $86,600 should BTC break the $67,400 resistance mark.
Captain Faibik and Crypto Rover were even more optimistic. The former predicted a rise to $90K if BTC “successfully breaks out of the broadening wedge to the upside.“ Crypto Rover set a price target of $100K should Donald Trump win the US presidential elections next month.
DOGE’s Impressive Performance
Another cryptocurrency recording substantial gains as of late is the largest meme coin in terms of market cap – Dogecoin (DOGE). It pumped to almost $0.13 on October 16, currently trading at around $0.12.
The rally caught the eye of multiple industry participants, some of whom forecasted further increases. Ali Martinez presented a chart showing that DOGE has a chance to skyrocket to $10.
Such a price explosion, though, would require its market cap to reach the astonishing $1.4 trillion, making the prediction quite unlikely.
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