XRP Price Surge Remains a Possibility Despite SEC's Appeal, Says BitBoy

Prominent cryptocurrency commentator Ben Armstrong, better known as BitBoy, has reaffirmed his belief that XRP is poised for significant price growth

Cryptocurrency commentator Ben Armstrong, also known as BitBoy, has expressed confidence in XRP’s potential for significant price growth, despite recent actions by the U.S. Securities and Exchange Commission (SEC) against Ripple.

In a tweet responding to the SEC’s latest filing, Armstrong downplayed concerns surrounding the regulator’s move to reinstate charges against Ripple executives and XRP’s use for payments.

According to Armstrong, the SEC’s actions are ultimately inconsequential, and XRP is still poised to experience a substantial price surge, known as "mooning," shorthand for a massive price increase.

The prominent commentator’s remarks come in response to the SEC’s submission of Form C to the U.S. Court of Appeals for the Second Circuit on October 17.

In this filing, the SEC is challenging Judge Analisa Torres’s decision that Ripple’s sales of XRP on exchanges do not meet the criteria for investment contracts under federal law, and her finding that XRP’s use for payments is not subject to the SEC’s jurisdiction.

The SEC’s appeal pertains to the court’s dismissal of charges against Ripple executives Chris Larsen and Brad Garlinghouse, as well as the court’s finding on Ripple’s use of XRP for payments, rather than the classification of XRP itself.

It is noteworthy that the SEC is not contesting the court’s ruling that XRP is not a security. This aspect of the case remains undisputed, and the regulator’s focus on other legal points is significant.

Moreover, the SEC’s language in the filing, which describes XRP as a “crypto asset,” aligns with previous statements by Ripple executives.

This terminology contrasts with the SEC’s earlier characterization of XRP as a "crypto asset security," further indicating that the regulator is not pursuing an appeal of the court’s decision on XRP’s status.

As highlighted by Stuart Alderoty, Ripple’s Chief Legal Officer, the court’s ruling that XRP is not a security remains binding and continues to define the digital asset’s regulatory treatment.

According to Alderoty, Judge Torres’s decision still "stands as the law of the land," and the SEC’s appeal does not alter XRP’s legal status, which was established in the court’s July 2023 decision.

While the ongoing appeal is generating short-term price movements for XRP, the core issue of whether XRP is a security has been settled, providing clarity for exchanges listing XRP.

Unlike the uncertainty faced at the outset of the SEC’s lawsuit in 2020, which prompted several exchanges to delist XRP, the court’s decision has restored confidence among exchanges to maintain the token’s availability.

This legal assurance bodes well for XRP’s future price prospects, aligning with Armstrong’s optimism and the broader sentiment among certain cryptocurrency enthusiasts.

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