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“In my opinion, the SEC will never again file a pleading in a court case advocating that any digital asset is a security. That is the reason why a withdrawal of the SEC ‘s Ripple appeal is inevitable. I also believe that the SEC will win the Ripple appeal, and such a victory would be wholly inconsistent with its current crypto–ethos.”
Can Acting Chair Uyeda Push for an Appeal Withdrawal?
The upcoming closed meeting could see the three remaining Commissioners, two of whom are crypto-friendly Republicans, vote on whether to withdraw the appeal. Some speculate that Acting Chair Mark Uyeda and Commissioner Hester Peirce may await Paul Atkins’ confirmation. However, SEC rules allow for a vote.
Under internal SEC rules, an agency vote, not the Chair alone, determines the appeal’s continuation or withdrawal. At least three Commissioners must be present for a quorum.
XRP Price Trends: Can an Appeal Withdrawal Reverse the Downtrend?
On Wednesday, February 26, XRP slid by 5.39%, reversing Tuesday’s 1.85% gain to close at $2.1970. XRP tracked the broader crypto market, which dropped by 4.42% to a total market cap of $2.75 trillion.
External factors, including US tariffs, sentiment toward the US economy, and Fed policy, have contributed to the recent stumble. However, XRP’s price trajectory may hinge on two key catalysts:
- SEC Appeal Strategy: If the SEC drops its appeal, XRP could rally beyond its all-time high of $3.5505. Continued legal uncertainty, however, may send prices below $1.50.
- XRP-Spot ETF Developments: If an XRP-spot ETF were approved, it could attract institutional inflows and potentially push XRP toward $5.
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