XRP Price Reactions to Recent SEC Developments
Speculation Surrounding SEC Approval of XRP-spot ETFs
SEC Appeal and Investor Expectations
Recent developments in the Ripple case have led to increased speculation among investors regarding the approval of XRP-spot ETFs by the SEC. The agency recently filed a Notice of Appeal, indicating a potential challenge to the Programmatic Sales of XRP ruling. Investors are anticipating a delay in approvals as the SEC continues its appeal process.
The reaction of XRP to recent ETF filings reflects investors’ growing confidence in the cryptocurrency. Despite the uncertainty surrounding SEC approvals, there is optimism that the agency may fail to overturn the Programmatic Sales ruling.
Crypto.com’s Defensive Strategy Against the SEC
Legal Action Against the SEC
On Tuesday, Crypto.com took a proactive approach by filing a lawsuit against the SEC in response to a Wells Notice. The Wells Notice reiterated claims made by the SEC against other crypto markets, prompting Crypto.com to adopt a defensive stance similar to Ripple’s strategy.
James ‘MetaLawMan’ Murphy shared the news, stating, ” Rather than rolling over, Crypto.com is following the Ripple playbook and responding to SEC threats with offensive tactics.”
The court filing seeks to prevent the SEC from expanding its jurisdiction to cover secondary-market sales of network tokens on Crypto.com’s platform. Despite receiving the Wells Notice, Crypto.com remains determined to challenge the SEC’s regulatory efforts in the digital asset space.
Implications for XRP Price Movement
Market Speculation and Potential Scenarios
XRP’s price is likely to face continued pressure as investors monitor developments in the SEC’s appeal and Ripple’s court filings. Speculation surrounding the appeal and court proceedings will significantly influence XRP’s demand in the market.
If the SEC decides to appeal the Programmatic Sales ruling, XRP could see a decline towards $0.50. Conversely, if the SEC withdraws its appeal, XRP may experience a surge towards $1.00, similar to the price action seen following the initial ruling.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
