XRP News Today: Pro-Crypto Lawyer Sees Lower Odds for SEC Appeal in Ripple Case

XRP Steadies after the Tuesday Rout

On Wednesday, August 28, XRP gained 0.44%, partially reversing a 3.40% loss from the previous day, closing at $0.5699. XRP outperformed the broader crypto market, which declined by 0.10% to a total market cap of $2.039 trillion.

Pro-Crypto Lawyer Bill Morgan Cuts Odds on an SEC Appeal

Investors remained in limbo as uncertainty about SEC plans to appeal against rulings in the SEC vs. Ripple case pinned XRP below $0.60.

Judge Analisa Torres issued the final judgment on August 7, giving both parties a 60-day window to appeal.

On Wednesday, pro-crypto lawyer Bill Morgan considered the likelihood of an SEC appeal, stating,

“I am increasingly less confident that the SEC will appeal the Ripple summary judgment decision if merely legal considerations are influencing the decision whether to appeal.”

Morgan referred to the court ruling in the SEC vs. Kraken case, where Judge Orrick denied Kraken’s motion to dismiss, saying,

“ I pointed out in a post yesterday that Judge Orrick in the Kraken case preferred the approach of Judge Jackson in the Binance case and Judge Torres in the Ripple case that distinguishes between primary and secondary market transactions rather than Judge Rakoff in the Terraform case, in which no such distinction was made.”

Morgan concluded,

“What is important to me is that if there is no obvious legal error and the SEC can easily distinguish the Ripple case because it is narrowly confined to its own facts why appeal it at all, unless of course there are non legal considerations influencing the decision to appeal.”

SEC Faces Increasing Scrutiny Amid Appeal Uncertainty

FOX Business journalist Eleanor Terrett shared insights from a Spaces session titled ‘Bulls, Bears, and Blockchain,’ stating,

“SEC Commissioner Hester Peirce says she partly blames herself for how the Commission has interpreted the Howey Test when it comes to crypto.”

Commissioner Peirce’s comments come at a pivotal time for the SEC and the crypto market, as the agency shows no signs of ending its regulation through enforcement strategy.

SEC Issues OpenSea a Wells Notice, Targeting the NFT Space

On Wednesday, the Non-Fungible Token (NFT) marketplace Open Sea received a Wells Notice from the SEC. OpenSea co-founder and CEO Devin Finzer shared the news, saying,

“OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities. We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.”

Finzer commented on the broader conflict between the SEC and crypto firms, including Coinbase (COIN) and Kraken. He also warned,

“By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.”

Candidate for the United States Senate in Massachusetts, John E. Deaton, reacted to the news by sharing an image of Senator Elizabeth Warren with the caption, Elizabeth Warren is building an Anti-Crypto Army. Deaton also said,

“We all know how the Captain of the Crusade against crypto is and it’s not Gary Gensler.”

Deaton, who represented 75,000 XRP holders in the Ripple case, played a crucial role in the Programmatic Sales of XRP ruling.

XRP Price Outlook Depends on SEC Appeal Plans

Price trends hinge on whether the SEC will appeal. XRP could drop below $0.40 if the SEC appeals. Conversely, XRP return to $1.00 if the SEC decides against challenging rulings from the case. XRP rallied from $0.4696 to a high of $0.9327 in response to the July 2023 Programmatic Sales of XRP ruling.

Investors should remain vigilant as appeal-related news will likely influence XRP price trends. Stay updated with our latest news and analysis to manage your exposure to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP remained above the 50-day and the 200-day EMAs, affirming bullish price signals.

A break above the $0.5739 resistance level could support a return to $0.60. Furthermore, a return to $0.60 could give the bulls a run at the August 7 high of $0.6434 and the $0.6609 resistance level.

SEC vs. crypto case-related news and SEC activity require consideration.

Conversely, a break below the 50-day and the 200-day EMAs would signal a bullish trend reversal and a possible fall through $0.50.

With a 14-day RSI reading of 47.72, XRP could drop to $0.50 before entering oversold territory.