Cash News
Based on appellate timelines from pro-crypto lawyer Fred Rispoli, the SEC must file its appeal-related opening brief by December 2, 2024. The agency may also extend to January 2025.
The agency could drop the appeal without material repercussions if Trump returns to the White House before the SEC files its opening brief.
XRP Capped at $0.55 as Appeal Uncertainty Lingers
Despite Monday’s rally, XRP failed to break out from $0.55 amid uncertainty over the SEC’s appeal. Judge Analisa Torres previously ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. Before the SEC’s Notice of Appeal and the court docket, the consensus was that the SEC would not challenge the ruling.
In an August 2024 interview with CryptoLaw US, Ripple’s Chief Legal Officer Stuart Alderoty stated,
“But I’ll say a couple of things. Number one, and I think this is important for folks to appreciate and understand. XRP’s status as not a security and the secondary market trading of XRP as not security transactions. That is the law of the land and that does not change even if the SEC appeals.”
However, successfully overturning the Programmatic Sales ruling could pave the way for more litigation against crypto firms in the US.
XRP Price Outlook: Appeal Filings and the US Presidential Election
XRP could attempt another breakout from $0.55 if Trump continues to lead in the polls. A Trump win and the possible removal of SEC Chair Gensler could drive XRP to $1.00, tracing its post-Programmatic Sales ruling move. Conversely, a Harris victory may leave the US courts to dictate XRP’s path. XRP may fall through $0.50 if the SEC files a convincing appeal against the Programmatic Sales ruling.