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“The crypto-cases are now being led by a legal team from SEC’s headquarters in Washington, D.C., where they are undoubtedly now quarterbacked by the acting SEC Chair.”
Tenreiro was also a key figure in the Ripple case, raising further speculation about the SEC’s strategy.
XRP Price Trends: Appeal Withdrawal Could Be a Game-Changer
On Tuesday, February 18, XRP declined by 3.75%, following Monday’s 2.52% loss, closing at $2.5611. XRP faced heavier losses than the broader crypto market, which dropped by 1.14% to a total market cap of $3.1 trillion.
Uncertainty surrounding the SEC’s appeal strategy remained an XRP headwind. However, unlike the Binance and Coinbase cases, the SEC has until April to decide whether to withdraw or pursue its appeal. Ripple must file its reply brief for the appeal by April 16, potentially freeing up SEC resources for other cases.
The SEC filed its appeal-related opening brief on January 15, just days before Gary Gensler stepped down as SEC Chair. His departure, alongside shifting regulatory priorities, could influence the agency’s decision.
Looking ahead, Ripple case-related updates and potential progress toward a US XRP-spot ETF market will be drivers. Key Price Scenarios:
- Bullish Case: An SEC appeal withdrawal could push XRP past its all-time high of $3.5505.
- ETF Catalyst: A potential XRP-spot ETF approval could drive XRP toward $5 due to institutional inflows.
- Bearish Case: An ongoing SEC appeal and ETF rejection could push XRP below $1.50.
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