At Extreme Investor Network, we are dedicated to providing our readers with valuable insights and unique perspectives on the ever-changing world of the stock market and trading. Today, we are diving into the latest developments in the SEC v Ripple case, and how they are impacting the demand for XRP.
Despite no recent updates from the SEC v Ripple case directly influencing buyer demand for XRP, investors are eagerly awaiting a court ruling on the penalty that Ripple must pay for violating US securities laws. This ruling has become a focal point in the market, with potential implications for the future of XRP.
In July 2023, Judge Analisa Torres made a significant ruling on the programmatic sales of XRP, stating that they do not meet the third prong of the Howey Test. Following this ruling, the SEC filed a Motion for Interlocutory Appeal, seeking permission to appeal against the decision. However, Judge Torres rejected the motion in October, prompting the SEC to wait until after the final verdict to file any appeals.
As a result, XRP has been struggling to break above the $0.60 mark, despite occasional optimism regarding the potential outcome of an appeal. Additionally, the upcoming US elections could have an impact on the SEC’s stance towards crypto firms, especially with the Republicans vying for the crypto vote.
In a surprising turn of events, crypto firms like Ripple and Coinbase have recently donated $25 million each to the super PAC Fairshake. This organization aims to support candidates who are committed to making the United States a hub for innovators shaping the future of the internet. This move could potentially signal a shift in the relationship between crypto firms and political parties, with implications for the regulatory landscape in the future.
Stay tuned to Extreme Investor Network for more updates on the SEC v Ripple case and other key developments in the stock market and trading world. Sign up for our newsletter to receive exclusive insights and analysis straight to your inbox. Let us help you navigate the complexities of the market and make informed investment decisions.