XRPUSD Reaction to BlackRock FUD in November 2023
Will the SEC approve an XRP Spot ETF?
The SEC filed a notice of appeal on October 2nd, and the agency will likely challenge the XRP programmatic sales ruling. Given XRP’s reaction to the recent ETF filing, investors likely expect the SEC to delay approval until the appeal is finalized.
Nevertheless, the latest filing highlights the growing confidence in XRP and investors’ expectations that the SEC will not be able to overturn the programmatic sales ruling.
Crypto.com made headlines on Tuesday as the SEC moves forward with its appeal of the ruling in the Ripple case. Pro-crypto lawyer James ‘MetaRoman’ Murphy shared news of Crypto.com’s claims, saying:
“Today, Crypto.com filed a pre-emptive lawsuit with the SEC in Texas in response to the SEC Wells Notice. Instead of rolling over, Crypto.com is following Ripple’s strategy and responding to SEC threats with aggressive tactics.
According to court filings,
“Foris DAX Inc. (“Crypto.com”) has filed a complaint with the Securities and Exchange Commission (“SEC”) that has unlawfully granted jurisdiction covering the secondary market sale of certain network tokens sold on Crypto.com’s platform. We are seeking declaratory and injunctive relief to prevent this from spreading. ”
Crypto.com received the Wells Notice on Tuesday, October 8, underscoring the SEC’s intent to continue regulating the U.S. digital asset space through enforcement. The agency’s move comes despite U.S. Vice President Kamala Harris’ recent support for digital assets.
XRP Price Trend: What Happens Next?
XRP could continue to be under pressure as investors await SEC and Ripple court filings.
Continued speculation regarding SEC appeals and court filings will impact demand for XRP. If the SEC appeals the programmatic sales ruling, XRP could fall towards $0.50. Conversely, if the SEC drops the appeal, XRP could rise towards $1.00, reflecting price changes following the programmatic sales ruling.
