XRP News Today: Ripple vs. SEC Appeal Docketed – Impact on XRP Price Looms

XRP Mirrors Broader Crypto Market Gains

On Friday, October 4, XRP advanced by 2.30%, partially recovering from a 3.08% loss on Thursday, to close at $0.5342. XRP mirrored the broader crypto market, which gained 2.39%, bringing the total market cap to $2.112 trillion.

XRP Investors on Edge Amid SEC Appeal

On Friday, attorney James Filan shared further updates from the SEC v Ripple case, saying,

“The appeal has been docketed on the United States Court of Appeals for the Second Circuit PACER docketing system. The case title is Securities and Exchange Commission v. Ripple Labs Inc. and the docket number is 24-2648.”

The docket listed Ripple executives, Brad Garlinghouse and Chris Larsen, the July 2023 summary judgment, which included the Programmatic Sales of XRP ruling, and the August 7, 2024, final judgment.

Former SEC lawyer Marc Fagel shared his views on the court filing. Referencing the listing of Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, Fagel stated,

“The SEC brought 2 claims against the individuals. First, they sold them for their personal XRP sales, alleging these were unregistered securities sales–same as Ripple. Because these sales were through intermediaries, the court held they were not securities under Howey.”

Fagel further explained,

“Same reason the court granted summary judgment on Ripple’s programmatic sales. That is the ruling the SEC is appealing–as to Ripple’s sales and (presumably) the individuals’ sales. Second, the SEC also sued the individuals for aiding & abetting Ripple’s registration violations – basically, for being the executives who allowed Ripple to sell securities (including the institutional sales, which the court held WERE securities). “

Fagel elaborated:

“The court rejected defendants’ motion to dismiss this claim, so it was headed for trial. This was what the SEC agreed to voluntarily dismiss–so the aiding & abetting claims are out, with prejudice; those claims are gone forever. But the first claim–the direct sales by the individuals? Those remained in the case and are (presumably) part of the appeal. “

XRP Price Trends: What’s Next?

Investors await the SEC filing for details of its appeal. Price trends will likely hinge on speculation about the SEC’s appeal strategy and the court filing. If the SEC appeals the Programmatic Sales of XRP ruling, XRP could drop toward $0.40.

Outlook

Investors should closely monitor appeal-related news, which could significantly impact XRP price trends. Keep track of SEC actions, which could be pivotal in dictating XRP’s price movements.

XRP Price Action

Daily Chart

XRP sits below the 50-day and 200-day EMAs, sending bearish price signals.

A return to Friday’s high of $0.5397 could signal a move toward the 200-day EMA. Furthermore, a breakout from the 200-day EMA may give the bulls a run at the 50-day EMA and the $0.5739 resistance level.

Geopolitics, SEC appeal-related news, SEC activity, and SEC vs. crypto case-related updates require consideration.

Conversely, a fall through Thursday’s $0.5075 low may signal a drop below $0.50. A break below $0.50 would bring the trend lines into play.

With a 14-day RSI reading of 38.57, XRP could drop to $0.50 before entering oversold territory.