XRP News Today: Ripple’s Stablecoin and SEC Appeal Fuel Market Concerns for XRP…

Programmatic Sales of XRP Ruling in Focus

The SEC filed its Form C, Civil Appeal Pre-Argument Statement, on October 17, offering investors insights into its appeal strategy. While the SEC is targeting Ripple’s executives, Brad Garlinghouse and Chris Larsen, the agency’s challenge to the Programmatic sales ruling is significant.

If the SEC successfully overturns the ruling, XRP would fall under SEC jurisdiction concerning secondary market sales. US crypto exchanges could delist XRP to avoid violating US Securities laws, impacting XRP adoption. Typically, crypto tokens respond adversely to delistings and positively to listing on major exchanges.

Ripple’s Stablecoin and SEC Delays

In August 2024, Ripple started testing its stablecoin Ripple USD (RLUSD). Significantly, Ripple stated that it had not received regulatory approval, and RLUSD was not available to purchase or trade. The SEC could drag its heels on approving RLUSD since the agency referenced the stablecoin in its remedies-related reply brief.

In the reply brief, the SEC labeled Ripple’s plans to launch its stablecoin as the issuance of a new unregistered crypto asset.

XRP Price Outlook: Will it Break $1.00 or Drop Below $0.50?

Investors await the SEC’s appeal-related opening brief. If the SEC provides sound arguments, highlighting issues in Judge Torres’s ruling, XRP may drop below $0.50. However, XRP could mirror its July 2023 rally to $0.9327 if the SEC offers weak arguments that ease fears of a successful appeal.

Pro-crypto lawyer Jeremy Hogan shared his views on the SEC appeal, saying,

“It’s ONLY about money. I would give Ripple 8-9/10 odds. Okay, I don’t really understand how odds work but I’d say Ripple has a 90% chance of winning at least one issue and an 80% chance of winning both major issues.”