KEY POINTS:
- XRP advanced by 8.00% on Wednesday, July 17, closing the session at $0.6265.
- Speculation about an SEC vs. Ripple case settlement boosted demand for XRP.
- Investors should
monitor SEC vs. crypto case-related updates on Thursday, July 18.
XRP NEWS TODAY:
n this article:
- Binance Coin (Wormhole): -1.78%
- XRP: -2.77%
XRP broke above $0.60 for the first time since April. Following an 8.01% rally on Tuesday, July 16, XRP gained 8.00% to close the session at $0.6265. Significantly, XRP bucked the broader crypto market, which fell by 1.30% to a total market capitalization of $2.297 trillion.
SEC VS. RIPPLE: SPECULATION TURNS TO OPTIMISM
The SEC v Ripple case remained center stage on Wednesday, July 17. On Friday, July 12, news of a closed-door SEC meeting at their headquarters in Washington fueled speculation about a possible settlement.
XRP has advanced by 40% since the news broke. The closed-door meeting takes place today. Updates from the meeting could deliver disappointment if there are no plans to settle. While a settlement could be the best outcome, investors may be more optimistic about the court verdict.
The SEC vs. Ripple Remedies-Related Verdict
Investors are awaiting the court verdict in the SEC vs. Ripple case. In March 2024, the SEC pushed for a $2 billion penalty and an injunction prohibiting XRP sales to institutional investors. Ripple argued for a $10 million penalty. A penalty nearer Ripple’s proposed $10 million and no injunction would be another victory for Ripple and the US digital asset space.
The ruling could hinge on whether Ripple continued to breach US securities after the December 2020 complaint. A verdict is likely to come before the US Presidential Election. Crypto court rulings could influence the verdict.
BINANCE COURT RULING FUELS CRYPTO MARKET OPTIMISM
The recent Binance ruling set a precedent on whether XRP is a security or a commodity. Judge Amy Berman Jackson dismissed the SEC claim against Binance, alleging that secondary sales of Binance Coin (BNB) qualify as securities under the Howey test. Judge Jackson cited Judge Analisa Torres’s Programmatic Sales of XRP ruling, stating,
“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives.”
Moreover, the US digital asset space has become a political agenda.
BINANCE COURT RULING FUELS CRYPTO MARKET OPTIMISM
The recent Binance ruling set a precedent on whether XRP is a security or a commodity. Judge Amy Berman Jackson dismissed the SEC claim against Binance, alleging that secondary sales of Binance Coin (BNB) qualify as securities under the Howey test. Judge Jackson cited Judge Analisa Torres’s Programmatic Sales of XRP ruling, stating,
“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives.”
Moreover, the US digital asset space has become a political agenda.
BINANCE COURT RULING FUELS CRYPTO MARKET OPTIMISM
The recent Binance ruling set a precedent on whether XRP is a security or a commodity. Judge Amy Berman Jackson dismissed the SEC claim against Binance, alleging that secondary sales of Binance Coin (BNB) qualify as securities under the Howey test. Judge Jackson cited Judge Analisa Torres’s Programmatic Sales of XRP ruling, stating,
“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives.”
Moreover, the US digital asset space has become a political agenda.
