The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been a significant focal point in the cryptocurrency world. Despite a partial victory for Ripple, the case remains far from settled. With the deadline for the SEC to file an appeal quickly approaching, both sides are preparing for what could be the next phase of this high-profile case. But what can Ripple and the XRP community expect in the coming weeks?

Uncertainty Around SEC’s Next Move

The next big question revolves around whether the SEC will appeal the current ruling. Attorney Jeremy Hogan, known for his analysis of the Ripple case, recently shared his thoughts on the matter. In a social media post, Hogan explained that while filing a Notice of Appeal is a straightforward task, it’s still unclear whether the SEC has made up its mind.

Hogan pointed out that filing a Notice of Appeal takes about 15 minutes and would give the SEC 70 days to submit a full brief outlining their case. If the SEC had already decided to appeal, it’s likely they would have moved faster, especially given how unfavorable the ruling has been for their stance. However, the lack of action so far suggests some hesitation or internal debate within the regulatory body.

The case holds major implications for the future of cryptocurrency regulation in the U.S., so any decision by the SEC is likely to come with significant deliberation. Hogan believes that, given the importance of the case, the SEC would be careful in plotting their next steps.

Ripple and SEC Request Stay on $125 Million Penalty

Amidst the ongoing legal uncertainty, Ripple and the SEC have jointly requested a stay on the $125 million monetary judgment issued by the court. This stay, if granted, would delay Ripple’s obligation to pay the penalty ordered by Judge Analisa Torres just days before the September 6 deadline.

Interestingly, Ripple had previously indicated that they had no plans to appeal the ruling. However, this recent move to request a stay suggests that the company may be rethinking its strategy, possibly considering further legal actions depending on how the situation evolves.

The request for a stay could also be a way for both parties to buy time as they prepare for the possibility of an appeal. If granted, it would temporarily put the payment on hold, allowing Ripple and the SEC to focus on the broader aspects of the case without the immediate financial burden hanging over them.

Could a Cross-Appeal Be on the Horizon?

The SEC is not the only party that may consider an appeal. Former SEC lawyers, including James Farrell and Marc Fagel, have suggested that the regulatory body will likely file an appeal before the 60-day deadline, which falls in early October.

If the SEC moves forward with an appeal, Ripple may be forced to file a cross-appeal in the Second Circuit Court to challenge the court’s ruling on additional issues. A cross-appeal would enable Ripple to more comprehensively contest the penalty and other aspects of the case that they believe were not resolved in their favor.

However, if Ripple chooses not to file a cross-appeal, the $125 million penalty could become final. This would limit the court’s ability to address further legal challenges from Ripple and could leave the company to focus on paying the fine rather than contesting it further.

XRP Price Reacts to Legal Developments

Ripple’s legal woes have been closely watched by cryptocurrency investors, and the latest developments have already had an impact on XRP’s price. Following the news of the stay request, XRP saw a modest rebound, rising by about 2% to $0.562. The increase in trading volume, up by 36%, suggests that investors are paying close attention to how the case plays out.

Despite this short-term price boost, XRP faces some tough resistance at the $0.565 level. If it fails to break through this barrier, the price could drop to $0.5326 or even further to $0.47 if bearish momentum picks up.

On the flip side, if XRP can reclaim the $0.57 level, the cryptocurrency might experience a more sustained bullish trend, particularly if Ripple continues to secure favorable outcomes in court. The upcoming weeks could be crucial for both XRP’s price and the broader market as legal uncertainties persist.

What’s Next for Ripple and the SEC?

As the appeal deadline approaches, both Ripple and the SEC are bracing for what could be a prolonged legal battle. Whether or not the SEC decides to file an appeal will likely shape the next phase of this high-stakes conflict, with implications for the broader cryptocurrency market as well.

The XRP community remains cautiously optimistic, but the uncertainty around the SEC’s intentions means that there could still be several twists and turns ahead. Ripple’s request for a stay on the $125 million penalty suggests that the company is prepared for more legal challenges, and a cross-appeal could further complicate matters.

In the meantime, XRP holders and the wider crypto market are watching closely, knowing that the outcome of this case could have lasting effects on how digital assets are regulated and perceived in the U.S. As the next few weeks unfold, the crypto community will be eager to see how this legal battle shapes the future of Ripple and the cryptocurrency landscape as a whole.