Will the SEC approve XRP-spot ETFs?
The SEC filed its notice of appeal on October 2, with the agency likely to challenge the decision on programmatic sales of XRP. Given XRP’s reaction to recent ETF filings, investors are likely expecting the SEC to delay approvals until after the call.
Nonetheless, the latest filing highlights growing confidence in XRP and investors’ hope that the SEC will fail to overturn the ruling on programmatic sales.
As the SEC continues its appeal against the Ripple case rulings, Crypto.com made headlines on Tuesday. Pro-crypto lawyer James ‘MetaLawMan’ Murphy shared 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 opinion simply reiterates the SEC’s assertions against other crypto markets like Coinbase and Binance. Rather than turning around, 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 relief and injunctive 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 the Crypto.com platform. »
Crypto.com received the Wells Notice on Tuesday, October 8, highlighting the SEC’s intent to continue to regulate the digital assets space in the United States through law enforcement. The agency’s decision comes despite US Vice President Kamala Harris’ recent support for digital assets.
XRP Price Trends: What’s Next?
XRP may remain under pressure as investors await court filings from the SEC and Ripple.
Ongoing speculation about the SEC appeal and court filings will impact the demand for XRP. If the SEC appeals the decision on programmatic sales, XRP could fall as low as $0.50. Conversely, if the SEC withdraws its appeal, XRP could rebound towards $1.00, reflecting price action following the programmatic sales decision.
