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Will the SEC Approve XRP-spot ETFs?
The SEC filed its Notice of Appeal on October 2, with the agency likely to challenge the Programmatic Sales of XRP ruling. Considering XRP’s reaction to the recent ETF filings, investors likely expect the SEC to delay approvals until after the appeal concludes.
Nevertheless, the latest filing highlights the increasing confidence in XRP and investors’ hopes that the SEC will fail to overturn the Programmatic Sales ruling.
While the SEC presses ahead with its appeal against rulings in the Ripple case, Crypto.com made the headlines on Tuesday. Pro-crypto lawyer James ‘MetaLawMan’ Murphy shared the news of the Crypto.com claim, stating,
“Today Crypto.com preemptively sued the SEC in Texas in response to an SEC Wells Notice. The Wells Notice simply reiterates claims the SEC has made against other crypto markets like Coinbase and Binance. Rather than rolling over, Crypto.com is following the Ripple playbook and responding to SEC threats with offensive tactics.”
According to the court filing,
“Foris DAX Inc. (“Crypto.com) seeks declaratory and injunction relief to prevent the Securities and Exchange Commission (“SEC”) from unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on Crypto.com’s platform.”
Crypto.com received the Wells Notice on Tuesday, October 8, highlighting the SEC’s intent to continue to regulate the US digital asset space through enforcement. The agency’s move comes despite US Vice President Kamala Harris’s recent support for digital assets.
XRP Price Trends: What’s Next?
XRP may remain under pressure as investors await the SEC and Ripple’s court filings.
Ongoing speculation about the SEC’s appeal and the court filings will impact XRP demand. If the SEC appeals the Programmatic Sales ruling, XRP could drop toward $0.50. Conversely, if the SEC withdraws its appeal, XRP could rally toward $1.00, mirroring price action following the Programmatic Sales ruling.