Cash News
Recent SEC meeting scheduling has fueled XRP price volatility and hopes of a settlement. The SEC will hold a Closed Meeting on Thursday, August 8, which could be crucial for XRP and the crypto market.
A settlement would end SEC plans to appeal the Programmatic Sales of XRP ruling and set the Programmatic Sales ruling as a legal precedent. In July 2023, Judge Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.
XRP rallied to a high of $0.9327 in July 2023 following the Programmatic Sales ruling, before sliding to a low of $0.4367 in August 2023. Fears that the SEC could overturn the Programmatic Sales ruling on appeal impacted XRP demand.
The recent SEC vs. Binance court ruling highlighted the significance of the Programmatic Sales ruling.
SEC vs. Binance Ruling Cites Programmatic Sales Ruling
In June, Judge Amy Berman Jackson dismissed the SEC charges against Binance, claiming that secondary Binance Coin (BNB) sales qualify as securities under the Howey test.
Significantly, Judge Jackson cited the Programmatic Sales of XRP ruling, surmising,
“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives […].”
A settlement in the Ripple case could end the SEC’s claims that crypto sales on exchanges violate US securities laws.
Investors should remain alert. Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.