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Morgan also highlighted inconsistencies in the SEC’s legal approach:
“It is also completely inconsistent with the SEC’s dropping of the other lawsuits which inevitably must be premised on the grounds cryptos are not securities and not traded in secondary markets as securities.”
SEC Dismissal of Coinbase Charges Crucial for the Ripple Case
Since President Trump appointed Commissioner Mark Uyeda as Acting SEC Chair, and with the establishment of the Crypto Task Force, the agency has ended enforcement actions. Significantly, the SEC dismissed its lawsuit against Coinbase (COIN). The SEC had charged Coinbase for operating as an unregistered securities exchange, broker, and clearing agency.
The dismissal raises questions about whether the SEC still considers the Howey test applicable to secondary market blind bid/ask transactions. Under this scenario, the SEC would have to take a similar view on the Programmatic Sales of XRP ruling, supporting an appeal withdrawal.
On March 12, Fox Business Journalist Eleanor Terrett reported that Ripple and the SEC were negotiating Judge Analisa Torres’ Final Judgment. Two key points of discussion are likely the $125 million penalty and the injunction requiring Ripple to comply with Section 5 of the Securities Act, particularly given the SEC’s evolving stance on crypto regulation.
XRP Price Trends: Appeal Speculation Boosts Demand
On Thursday, March 13, XRP rose 0.59% after Wednesday’s 3.13% gain, closing at $2.2530. Significantly, XRP outperformed the broader market, which dropped by 2.34% to a total crypto market cap of $2.61 trillion.
Ongoing hopes for an SEC appeal withdrawal and the potential approval of XRP-spot ETFs bolstered XRP demand.
Key factors influencing XRP’s price outlook:
- US Strategic Reserve Asset: A push for a multi-crypto reserve could boost sentiment.
- SEC Appeal Strategy: If the SEC drops its appeal, XRP could surpass its all-time high of $3.55. However, prolonged legal uncertainty might drag prices below $1.50.
- XRP-Spot ETF Developments: Institutional inflows from an XRP ETF could drive prices toward $5, but ongoing legal issues may delay approval.
- Macro Risks: Trade tensions could push XRP toward the February low of $1.7938. Conversely, easing trade tensions and softer inflation could support a recovery toward $2.50.
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