Agency appeal, XRP price drop and more

TL;DR:

The US Securities and Exchange Commission filed an appeal against a 2023 court decision that favored Ripple. The price of XRP fell sharply in the following hours, despite some optimism about a potential ETF in the States that tracks its performance.

Appeal from the SEC

CryptoPotato reported the events earlier this week, in which the US securities regulator appealed a 2023 verdict by Judge Torres, who said that secondary sales of XRP do not fall within the categorization of sales of values

While Ripple’s management said it wasn’t surprised and vowed to fight the appeal, the company’s native testimony immediately collapsed. XRP went from above $0.6 to around $0.51 before recovering slightly and finding support at $0.53.

Many industry analysts stated that the token’s fundamentals are still strong, and some even speculated that the asset could soar in the coming months, basing their prediction on XRP’s behavior after the SEC was initially after Ripple in December 2020.

After the events, XRP became the most discussed cryptocurrency in the community, while many continue to speculate whether the agency has a real chance of winning the appeal.

For now, what is certain is that the SEC has not given up on its crusade against Ripple and the crypto industry, even though it suffered several blows in recent months. Many expected the case against Ripple to end after the 2024 ruling that the company must pay a fine of $125 million instead of the $2 billion the agency requested, but we will have to wait longer until the conclusion of this period of almost four years. long battle

What about an XRP ETF?

Since the launch of ETFs that track the performance of Bitcoin (in January 2024) and Ethereum (July 2024), the community has speculated what the next crypto asset would be with a US exchange traded fund.

While many have raised Solana as the most likely option, Bitwise has gone in a different direction. The crypto asset manager said earlier this week that it had applied to Delaware for a one-time XRP ETF.

However, this does not yet mean that Bitwise has filed with the SEC, which is the regulator that decides whether these funds will see the light of day. As of now, an XRP ETF seems quite unlikely, given the ongoing battle between the watchdog and the company behind the token. Still, an entity registered in a US state is a step in the right direction for Ripple.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!