XRP News Today: Did the Binance Ruling Sink SEC Plans to Appeal?

District Judge Amy Berman Jackson rejected the SEC’s assertion that secondary market transactions of Binance’s BNB token meet the criteria for securities under the Howey test.

SEC vs. Ripple: Judge Torres Ruling Impacts SEC Fight Against Cryptos

On Saturday, June 29, XRP gained 0.28%. Partially reversing a 0.95% decline from Friday, June 28, XRP ended the session at $0.4722.

There was no SEC v Ripple case-related news to influence buyer appetite for XRP.

Nevertheless, the court ruling from the SEC vs. Binance Holdings Limited case attracted investor interest.

Ripple Chief Legal Officer Stuart Alderoty shared the news of the court ruling, saying:

“For all the SEC has done to muddy the waters with its inconsistent legal theories, the Courts are seeing right through them. The Binance decision last night is long but absolutely worth a read.”

Furthermore, Alderoty commented on the court’s reference to the Programmatic Sales of XRP ruling, adding:

“Judge Torres in SEC v Ripple got it right – XRP, in and of itself, is not a security. Other Courts are recognizing her decision for what it is – consistent with the law of the land.”

The court order stated,

“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives […].”

Fox Business Journalist Eleanor Terrett highlighted a crucial opinion from the court ruling that stated,

“[…] the government’s reliance on the assertion that “the crypto assets are the embodiment of the investment contract,” and its argument at the hearing about the nature of the technology and the interdependence of the platform and the performance of every token, is not enough, standing alone, to bring secondary sales of BNB under the investment contract rubric.”

How will this affect SEC plans to appeal against the Programmatic Sales of XRP ruling?

Binance Ruling a Blow to SEC Plans to Appeal Against the Programmatic Sales of XRP Ruling

Investors await the court verdict on the penalty Ripple must pay for breaching US securities laws. The Binance ruling does not affect the pending Ripple case ruling. However, the Binance ruling could affect SEC plans to appeal against the Programmatic Sales of XRP ruling.

In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

The reference to the Programmatic Sales of XRP ruling could prove crucial, with Judge Jackson reinforcing Judge Torres’s ruling.

In July 2023, XRP surged to a high of $0.9327 as investors reacted to Judge Torres’s ruling. However, XRP returned to sub-$0.50 levels, weighed by market expectations of the SEC appealing against the ruling.

The SEC filed a Motion for Interlocutory Appeal in August 2023, seeking the court’s permission to appeal against the ruling. However, Judge Torres rejected the Motion in October 2023.

Notably, if the SEC appeals against the Programmatic Sales of XRP ruling, the courts may reference the Binance ruling.

Considering the latest court ruling, the outlook looks brighter for XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP sat well below the 50-day and 200-day EMAs, affirming the bearish price signals.

An XRP break above the trend lines would support a move to the 50-day EMA. If XRP breaks out from the 50-day EMA, the bulls could target the 200-day EMA and the $0.55 handle.

SEC activity and SEC vs. crypto case-related news require investor attention.

Conversely, an XRP break below the $0.4650 handle could signal a drop to the $0.45 handle.

With a 14-day RSI reading of 40.35, XRP may drop to the $0.45 level before entering oversold territory.