Despite some analysts noticing why XRP is unlikely to end on a high, certain macro (and micro) factors could have a significant impact on the price of the token and possibly see it follow the same trajectory as after Ruling by Judge Analisa Torres in favor of Ripple.
SEC-related factors can influence the XRP price
On August 17, the US Securities and Exchange Commission (SEC) received approval by Judge Analisa Torres to file a request for an interim appeal against her ruling to the Court of Appeal.
However, this was not an approval of the SEC’s appeal, which is something everyone in the XRP community is currently anticipating as the court may choose to accept or deny the appeal after considering the grounds for the appeal and whether it meets the requirements. requirements necessary to make this possible.
As former SEC official Marc Fogel notedthe specific requirements for summary judgment are “difficult to meet,” and the odds appear to be stacked against the SEC. As such, the court is expected to deny the SEC’s request for a preliminary appeal.
If that happens, we can see it XRP once again enjoying most of the gains it saw after Judge Torres’ ruling as the token’s market cap rose significantly, overtaking Binance’s BNB to become the fourth largest crypto by market cap (although it has fallen to 5th place).
Another factor that could cause an uptrend for XRP is if a settlement between Ripple and the SEC becomes more feasible. Stakeholders in the crypto community have done just that commented about the possibility of this happening and about factors that could encourage both parties to reach a settlement.
Pro-XRP legal expert John Deaton once declared that a settlement could come this year if Judge Failla were to grant Coinbase’s motion to dismiss the agreement SEC lawsuit against it. If that were to happen, the judge would likely adopt Judge Torres’ ruling that programmatic sales are not investment contracts and that crypto tokens purchased through exchanges cannot be classified as one.
It is believed that this could force the SEC to settle, as it will become increasingly clear (especially if the interim appeal is dismissed at the same time) that it has no jurisdiction over token sales on exchanges, as these are not investment contracts.
A more interesting factor that could force the SEC to settle is the revelations (and future) that are made about the ETH port. As a form of damage limitation, the Commission could propose a settlement with Ripple instead of dragging its feet take the case to courtwhere its credibility could be compromised.
The SEC proposing a settlement (not necessarily in the public eye) will be considered a big win for Ripple. It could restore investor confidence in the ecosystem, which could lead to a rise in the price of 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 undeterred by the long-running battle against the SEC, as the crypto company has continued to build amid the fray. The company’s president, Monica Lang, recently named that the lawsuit (following Judge Torres’ ruling) has helped them expand their business not only in the US, but “even globally.”
She said the ruling gave the company much-needed clarity, especially in times of regulatory uncertainty. With this in mind, the company can set out a good framework going forward, taking into account that Judge Torres had ruled that XRP in itself is not a security.
Following Judge Torres’ ruling, Ripple’s general counsel Stuart Alderoty had revealed in an interview to CNBC that Ripple could potentially begin discussions with US financial companies about adopting Ripple’s On-Demand Liquidity (ODL) product, which can be used for cross-border transactions.
If this were to happen, it would undoubtedly be a bullish signal for the XRP community. Although Ripple and XRP have enjoyed extraordinary success abroad (especially in Asia) many still believe that more work needs to be done to penetrate the US market. Therefore, such a move could convince investors of the great progress the company is making in America.
Meanwhile there are also rumors that Ripple is going public. Ripple is set to delay his “real victory party” on September 29 in New York, and many in the XRP community speculate that the crypto company could announce its plans for an initial public offering (IPO) at the event. Such an announcement will be huge and could generate more buzz and interest in the company, with the price of XRP benefiting from this news.
XRP is currently trading at $0.50, up almost 2% in the last twenty-four hours as anticipation for the party increases.
Featured image of Finbold, chart from Tradingview.com
