In the ongoing SEC v Ripple case, there have been no recent updates that have affected the demand for XRP. However, the looming court ruling on the penalty Ripple may face for violating US securities laws continues to be a major focus in the market.
Following a recent court ruling by Judge Analisa Torres in July 2023, where it was determined that programmatic sales of XRP do not meet the criteria of the Howey Test, investors are now anticipating a potential appeal from the SEC. The SEC quickly filed a Motion for Interlocutory Appeal after the ruling, seeking permission to appeal the decision. However, Judge Torres denied the motion in October, meaning that the SEC will have to wait until after the final verdict to file any appeals.
Despite some brief moments of optimism regarding the outcome of a potential appeal, the price of XRP remains stagnant below the $0.60 mark. Additionally, there is speculation that the outcome of the US elections could impact the SEC’s stance on crypto firms, with Republicans advocating for the support of the crypto industry.
In recent weeks, crypto companies such as Ripple and Coinbase have made significant donations to the super PAC Fairshake. Both Ripple and Coinbase donated $25 million each to the organization, which aims to support political candidates who are dedicated to promoting the United States as a hub for innovative technologies shaping the future of the internet.