XRP (XRP) surged above $3 for the first time since 2018 on January 15, as investors became increasingly optimistic about the potential withdrawal of an appeal related to the SEC’s Programmatic Sales of XRP ruling. The rally reflects market sentiment that the SEC may struggle to overturn rulings in the ongoing case.
Recent court decisions have criticized the SEC’s enforcement tactics, suggesting a shift in attitudes towards the agency’s efforts to regulate crypto firms. The SEC could face similar scrutiny if it attempts to overturn the Programmatic Sales of XRP ruling, which would impact its high-stakes battle to challenge the ruling.
Amicus Curiae attorney John E. Deaton stated that a win for the SEC at the Second Circuit would push the case back to Judge Analisa Torres. However, he also believes that Ripple could petition the US Supreme Court to hear its case if it lost at the Second Circuit, potentially leading to a reversal of the ruling.
If the US Supreme Court upholds the Programmatic Sales of XRP ruling, it would set a landmark legal precedent for the US crypto market. The ruling is currently non-binding but would establish a significant milestone in the regulatory landscape.
Deaton also commented on reports that the SEC plans to overhaul crypto policy and review enforcement cases pending in court. He emphasized the importance of regulation, stating that “companies need to be able to operate with confidence” and that the current regulations are too restrictive.
In related news, the US BTC-spot ETF market reported significant inflows of $723.2 million on January 15, as investors became more bullish on Bitcoin’s prospects due to hopes for a less dovish Fed rate path and speculation about a US Strategic Bitcoin Reserve.
Bitcoin (BTC) rallied 3.61% on Wednesday, following Tuesday’s 2.19% gain, closing at $100,050. The price outlook will depend on US labor market data, US BTC-spot ETF flows, and Strategic Bitcoin Reserve developments. A fall in initial jobless claims and a spike in retail sales could boost demand-driven inflation, while a jump in jobless claims and weak retail sales may support bets on a March Fed rate cut.
The market is at a critical juncture as regulatory and macroeconomic developments unfold. XRP’s price trajectory will depend on the SEC’s appeal strategy, while BTC’s outlook will be shaped by ETF flows and US data.
Source: https://www.fxempire.com/forecasts/article/xrp-news-today-xrp-hits-3-as-sec-appeal-filing-looms-btc-strikes-100k-1490514