Alex Thorn, head of research at Galaxy Digital, said Bitwise’s XRP ETF application is unlikely to succeed if the SEC appeals Ripple’s ruling , which determined that secondary market sales of XRP to retail investors do not XEM securities. The SEC’s deadline to appeal the ruling is October 7, 2024, and as that date approaches, there is growing speculation about the agency’s ability to appeal.
“The deadline for the SEC to appeal Judge Torres’ July 2023 ruling — which determined that secondary sales of XRP through exchanges are not securities — is October 7. The chances of an XRP ETF filing succeeding are virtually zero if they decide to appeal.”
FOX Business reporter Eleanor Terrett said a former SEC attorney believes the agency will “likely” challenge the ruling because “the SEC commissioners really think this is a mistake.” The SEC expressed its displeasure with the ruling, calling it a “mistake” in its filing against Terraform Labs , and criticized it for creating an unfair distinction between institutional and retail investors.
If the SEC decides to appeal, the case could drag on until 2025. Conversely, if it does not appeal, Ripple will likely end the legal battle after paying the fine.
Bloomberg ETF analyst Eric Balchunas said the XRP ETF would face the risk of rejection if Kamala Harris wins the presidential election. However, the possibility of an outright rejection is not so certain given the ambiguity of the Harris administration’s approach to cryptocurrency regulation. The US vice president has recently expressed support for emerging technologies, including cryptocurrencies, in a bid to promote innovation while protecting consumers. Chris Larsen, co-founder of Ripple, is one of the prominent industry figures who has endorsed Harris.
“If the SEC appeals and Harris wins, it’s likely the SEC will withdraw the appeal. I would be surprised if they didn’t appeal before next Tuesday,” Thorn added.
Popular trader Anup Dhungana recently sparked excitement by claiming that XRP is likely to see some major price action in the coming months, believing that the Token is in a prime breakout position.
According to Dhungana, XRP could hit $3 by mid-term – a price it hasn’t reached in nearly seven years.
Other experts Chia Dhungana’s enthusiasm and predict XRP will hit $3 before Christmas, marking a 360% spike from its current value.
You can XEM the price of XRP here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should research carefully before making any decision. We are not responsible for your investment decisions.
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Bitcoin Magazine
