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Ripple could proceed with its cross-appeal, and the SEC may pursue its appeal against the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. The ruling had buoyed optimism about a US XRP-spot ETF market.
If the SEC appeals and successfully overturns the ruling, it could close the door on US-XRP-spot ETF approvals and the case could reach the US Supreme Court. The potential for a Supreme Court ruling remains a significant risk factor for both parties, especially since such a ruling would establish binding precedent for the entire cryptocurrency industry.
Investors should also consider a timeline pressure point. The SEC and Ripple must submit a status report on the settlement to the courts by June 16. If Judge Torres has yet to grant the motion for an indicative ruling, the US Court of Appeals may force the SEC and Ripple to either proceed with their appeals or drop them.
The bigger question is whether Ripple stands firm on a settlement being a prerequisite to withdrawing its cross-appeal. If Ripple proceeds, the SEC may follow suit.
XRP Price Outlook: Focus on Legal Developments
XRP slipped 0.31% on Friday, May 16, adding to Thursday’s 6.5% sell-off, closing at $2.3791. The token tracked the broader crypto market, which dropped 0.36% to a total crypto market cap of $3.25 trillion.
XRP’s near-term price outlook hinges on future court filings, court rulings, and sentiment toward an XRP-spot ETF market.
Technical support sits at $2.3. A break above the May 12 high of $2.6553 could signal a move toward $3.00, with the potential to reach the record high of $3.5505.
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