XRP News Today: Programmatic Sales Ruling Anniversary Fuels XRP Surge

XRP marked the first anniversary of Ripple’s crucial win against the SEC with a breakout Saturday. On July 13, 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

SEC vs. Ripple: The First Anniversary of Programmatic Sales Ruling

On Saturday, July 13, XRP surged by 10.92%. Following a 5.63% gain on Friday, July 12, XRP closed at $0.5263. Significantly, XRP revisited the $0.56 handle for the first time since May 6.

Ripple’s Chief Legal Officer Stuart Alderoty shared his views on the July 2023 ruling, saying,

“First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security. This decision led to a spate of others (most recently in the Binance case) that recognized the SEC’s gross overreach and lack of faithful allegiance to the law under Chair Gensler.”

Aldoroty referred to the recent court ruling in the SEC vs. Binance case that highlighted the significance of the Programmatic Sales of XRP ruling.

In June, Judge Amy Berman Jackson dismissed the SEC case against Binance, claiming that secondary sales of binance coin (BNB) qualify as securities under the Howey test. Significantly, Judge Jackson referred to the Programmatic Sales of XRP ruling, surmising,

“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 […].”

Alderoty Says No SEC Appeal Against the Programmatic Sales Ruling

Ripple’s Chief Legal Officer also eased investor concerns about an SEC appeal, stating,

“While our case as a whole isn’t fully over (remedies still to be decided), the Court’s ruling that XRP is not a security will not change (even the SEC told the Court it will not challenge that conclusion).”

In August 2023, the SEC filed a Motion for Interlocutory Appeal, asking permission to appeal against the Programmatic Sales of XRP ruling. However, Judge Analisa Torres rejected the SEC’s motion in October 2023. The ruling meant that the SEC would have to wait until the verdict from the SEC vs. Ripple case before filing an appeal.

An end to SEC plans to appeal against the Programmatic Sales of XRP ruling could boost buyer demand for XRP. On July 13, 2023, XRP surged to $0.9327 as investors reacted to the court’s decision. However, concerns about an SEC appeal sent XRP below the $0.60 handle.

Investors should remain alert, with a court verdict from the SEC vs Ripple case on the horizon. The pending verdict relates to the court’s ruling that Ripple violated US securities laws by selling unregistered XRP to institutional investors. Stay updated with our latest views and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP remained below the 200-day EMA while holding above the 50-day EMA. The EMAs sent bullish near-term but bearish longer-term price signals.

A breakout from the 200-day EMA would support a move to the $0.5739 resistance level. A break above the $0.5739 resistance level could signal a return to the $0.60 handle.

SEC vs. Ripple case-related news and SEC chatter require consideration.

Conversely, a break below the $0.50 handle could bring the trend lines and the 50-day EMA into play. Buying pressure could intensify at the trend lines. The 50-day EMA is confluent with the trend lines.

With a 14-day RSI reading of 63.55, XRP may break above the $0.5739 resistance level before entering overbought territory.