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“The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm. President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”
However, investors hoping for the SEC to withdraw its appeal of the Programmatic Sales of XRP ruling in the Ripple case may be disappointed. The next deadline in the Ripple case is April 16, when Ripple must file its appeal-related reply brief. With no filings expected until April, the SEC appears to prioritize crypto cases with tighter deadlines.
Eleanor Terrett noted:
“I’m told by multiple legal sources that the SEC has been prioritizing cases with imminent court deadlines.”
Earlier this month, we considered the possibility of the SEC waiting for Paul Atkins’ confirmation before formally withdrawing from non-fraud crypto cases.
Current deadlines range from March 14 until April 16, allowing time for Atkins’s confirmation and the Crypto Task Force to finalize its crypto regulatory framework. However, the appeal withdrawal in the BA and CFAT case suggests the agency could withdraw the Ripple appeal at any time.
SEC Acknowledges XRP-Spot ETF Filings, Boosting Market Sentiment
Meanwhile, the SEC’s acknowledgment of 19b-4 applications for XRP-spot ETFs fueled optimism in the market. On February 19, the SEC acknowledged 19b-4 applications from Bitwise Invest, Canary Funds, CoinShares, and WisdomTree, raising hopes for an XRP-spot ETF market.
XRP Price Trends: SEC Activity in Focus
On Wednesday, February 19, XRP rallied 6.90%, reversing Tuesday’s 3.75% loss, closing at $2.7379. XRP outperformed the broader crypto market, which gained 1.30%, taking the total market cap to $3.14 trillion.
Speculation about the SEC potentially withdrawing its Ripple case appeal and progress on XRP-spot ETFs boosted XRP demand.
Looking ahead, activity in the Ripple case and US XRP-spot ETF market-related news remain critical drivers. Key Price Scenarios:
- Bullish Case: If the SEC withdraws its appeal, XRP could break past its all-time high of $3.5505.
- ETF Catalyst: An XRP-spot ETF approval could push prices toward $5, driven by institutional inflows.
- Bearish Case: A continued SEC appeal and an ETF rejection could send XRP below $1.50.
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