$XRP
XRP Price Trends: To Appeal or Not Appeal?On Tuesday, December 24, XRP advanced by 2.88%, following Monday’s 2.62% gain, closing at $2.3237. XRP underperformed the broader market, which advanced by 3.45% to a market cap of $3.360 trillion. Uncertainty about the SEC appeal filing left XRP trailing the wider market.
Near-term trends will hinge on whether the SEC files its opening brief. Should the SEC file its opening brief, XRP may face heightened selling pressure, risking a drop below $1.50. Conversely, a decision to withdraw the appeal could propel XRP toward its January 2018 all-time high of $3.55.
A withdrawal would set the Programmatic Sales of XRP ruling as a crucial legal precedent and pave the way to an XRP-spot ETF market.
In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. This precedent could end the SEC’s legal cases against crypto firms supporting secondary crypto sales