Welcome to Extreme Investor Network, where we bring you the latest insights and analysis on the Stock Market, trading, and all things related to Wall Street. Today, we are diving into the latest developments in the Ripple case and how it could impact the future of XRP.
In April 2024, Ripple filed its remedies-related opposition brief, seeking a $10 million penalty and stating that post-complaint activity did not violate US securities laws. The filing highlighted that XRP sales to institutional investors were conducted through accredited investors and On-Demand Liquidity (ODL) contracts, which prevent profits or losses. This could potentially impact the SEC’s stance on the case and Judge Torres’s ruling.
Speaking of Judge Torres, in July 2023, she ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test. The SEC tried to appeal this ruling in August 2023, but Judge Torres rejected the motion, forcing the SEC to wait for the final verdict before filing an appeal. This ruling was seen as a significant win for Ripple and the crypto industry as a whole, influencing cases like the recent dismissal of SEC charges against Binance.
In terms of market reaction, XRP saw a surge in July 2023 following the Programmatic Sales of XRP ruling, but dropped below $0.50 by mid-August due to SEC appeal expectations. However, a settlement in the Ripple case could potentially push XRP above $1.00, driving increased demand for the cryptocurrency.
As we await further developments in the Ripple case and its potential impact on XRP, stay tuned to Extreme Investor Network for the latest updates and expert analysis on the Stock Market and trading world. Join us as we navigate the exciting and ever-changing landscape of Wall Street together.