Important Events That Could Have A Massive Impact On XRP Price
September 29 2023 - 09:00AM
NEWSBTC
Despite some analysts noting why XRP is unlikely to end on a high,
certain macro (and micro) factors could significantly impact the
token’s price and possibly see it enjoy the same trajectory it did
following Judge Analisa Torres’ ruling in favor of Ripple.
SEC-Related Factors Could Impact XRP Price On August 17, the US
Securities and Exchange Commission (SEC) was given approval by
Judge Analisa Torres to file its motion seeking an interlocutory
appeal against her ruling at the Court of Appeals. Related
Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock
Climbs To $600? However, this wasn’t an approval of the SEC’s
appeal, and that is something that everyone in the XRP community is
currently anticipating, as the court can either choose to accept or
reject the appeal after considering the grounds for appeal and
whether it meets the requirements needed to allow it. As a former
SEC official Marc Fogel noted, the specific requirements for an
interlocutory appeal are “hard to meet,” and the odds seem to be
against the SEC. As such, the court is expected to deny the SEC’s
request for an interlocutory appeal. If that happens, we could see
XRP again enjoy most of the gains it saw following Judge Torres’
ruling when the token’s market cap rose significantly, overtaking
Binance’s BNB to become the fourth-largest crypto by market cap
(although it has dropped back to 5th). Another factor that could
spark an upward trend for XRP is if a settlement between Ripple and
the SEC becomes more feasible. Stakeholders in the crypto community
have commented on the possibility of this happening and factors
that could prompt both parties to settle. Pro-XRP legal expert John
Deaton once stated that a settlement could happen this year if
Judge Failla granted Coinbase’s motion to dismiss the SEC’s lawsuit
against it. If that were to happen, the Judge would likely be
adopting Judge Torres’ ruling that programmatic sales do not
constitute investment contracts and crypto tokens bought through
exchanges cannot be labeled as one. It is believed that this
could force the SEC into settling as it will become more
established (especially if its interlocutory appeal was rejected
alongside) that it doesn’t have jurisdiction over token sales on
exchanges as they do not constitute investment contracts.
Related Reading: Analyst Presents 4 Charts That Prove Crypto Is Not
Dead A more interesting factor that could force the SEC into a
settlement is the revelations (and future ones) being made about
the ETH Gate. As a form of damage control, the Commission could
propose a settlement with Ripple rather than dragging the case to
trial, where its credibility could be jeopardized. The SEC
proposing a settlement (not necessarily in the public eye) will be
considered a major win for Ripple. It could restore investors’
confidence in the ecosystem, leading to a price increase in the XRP
token. XRP continues the recovery trend to rest above $0.51 |
Source: XRPUSD on Tradingview.com Ripple’s Expansion Plans Ripple
has proven not to be deterred by the long-running battle against
the SEC as the crypto firm has continued to build amidst it. In
fact, the company’s President, Monica Lang, recently mentioned that
the court case (following Judge Torres’ ruling) has helped them to
expand their business not just in the US but “even more globally.”
According to her, the ruling gave the company much-needed clarity,
especially amid regulatory uncertainty. With this in mind, the
company can map out a proper framework going forward, bearing in
mind that Judge Torres had ruled that XRP isn’t a security in
itself. On the back of Judge Torres’ ruling, Ripple’s general
counsel Stuart Alderoty had revealed to CNBC in an interview that
Ripple could potentially begin talks with US financial firms about
them adopting Ripple’s On-Demand Liquidity (ODL) product, which can
be used to facilitate cross-border transactions. Related
Reading: Ripple CTO Addresses Bitcoin Adviser’s Claims That XRP Is
Centralized If this were to happen, it would undoubtedly represent
a bullish signal for the XRP community. Although Ripple and XRP
have enjoyed outstanding success overseas (especially in Asia),
many still believe that more work needs to be done to penetrate the
American market. Therefore, a move like that could convince
investors of the great strides the company is making in America.
Meanwhile, there are also rumors of Ripple going public. Ripple is
set to hold its “proper victory party” on September 29 in New York,
and many in the XRP community speculate that the crypto firm could
announce its initial public offering (IPO) plans at the event. Such
an announcement will be huge and could generate more buzz and
interest in the company, with XRP’s price being a beneficiary of
this news. XRP is currently trading at $0.50, up by close to 2% in
the last twenty-four hours as anticipation towards the party builds
up. Featured image from Finbold, chart from Tradingview.com
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