July 10 SEC Closed Meeting on the Radar
Meanwhile, the SEC’s silence on its appeal plans would likely shift investor focus to the July 10 closed meeting. This may be a more reasonable time frame for SEC Chair Paul Atkins and the Commissioners to include a vote in the agenda.
The SEC previously voted in favor of lifting the injunction prohibiting XRP sales to institutional investors and reducing the $125 million penalty to $50 million. The agency may have also voted in favor of dropping its appeal under the settlement terms.
However, the SEC seemingly did not vote on withdrawing its appeal without a favorable indicative ruling on the joint motion to settle. This means the SEC must vote on withdrawing the appeal. SEC Commissioner Caroline Crenshaw is expected to be the only ‘no’ vote, since the settlement terms favored Ripple.
It is also unlikely that Ripple would announce plans to drop its cross-appeal without the SEC committing to withdrawing its own appeal. An end to the Ripple case could pave the way for an XRP-spot ETF market and expedite Ripple’s expansion in the US.
A resolution of the Ripple case would:
- Reinforce the Programmatic Sales of XRP ruling,
- Affirm XRP’s status as a non-security.
- Confirm Ripple’s XRP sales to institutional investors no longer breach US securities laws.
XRP Price Outlook: SEC Appeal Headlines and ETF Chatter
XRP rallied 2.4% on Sunday, July 6, reversing Saturday’s 0.11% loss to close at $2.2727. The token outperformed the broader market, which rose 1.19%, taking the total crypto market cap to $3.33 trillion.
