Under an appeals schedule from pro-crypto attorney Fred Rispoli, the SEC has until December 2, 2024 to file opening briefs related to the appeal. The agency may be extended until January 2025.
If President Trump returns to the White House before the SEC files its opening brief, the agency could withdraw the appeal without significant repercussions.
XRP capped at $0.55 as appeal uncertainty lingers
Despite Monday’s rally, XRP failed to break above $0.55 amid uncertainty over the SEC appeal. Judge Annalisa Torres previously ruled that programmatic sales of XRP did not meet Step 3 of the Howie test. The consensus was that the SEC would not challenge this decision until the SEC’s notice of appeal and court minutes were filed.
In an interview with CryptoLaw US in August 2024, Ripple Chief Legal Officer Stuart Alderroti said:
“But I will say a few things. First, I think this is important for people to appreciate and understand. It’s not a trade. That’s the law of the land, and an SEC appeal won’t change that.”
However, a successful overturning of the Programmatic Sales ruling could pave the way for further lawsuits against crypto companies in the United States.
XRP Price Outlook: Appellate Court and US Presidential Election
If President Trump continues to lead in the polls, XRP could attempt another breakout from $0.55. With President Trump’s victory and the possible removal of SEC Chairman Gensler, XRP could rise to $1.00, following the trend of XRP after the programmatic sale ruling. Conversely, a Harris victory could mean that U.S. courts will decide the course of XRP. If the SEC files a convincing appeal against the programmatic sales ruling, XRP could fall to $0.50.
