XRP News: Long Road Ahead, SEC v Ripple Saga Continues!
- On Friday, XRP witnessed a bullish gain, wrapping the day at $0.5216, following Thursday’s uptrend.
- Amicus Curiae attorney, John E. Deaton, casts a spotlight on the ongoing SEC interlocutory appeal.
- While the legal battle brews, Ripple hosted a celebratory event in NYC emphasizing their triumphs.
The Friday Overview
On Friday, XRP rose by 2.27%. Following a 2.14% gain on Thursday, XRP ended the day at $0.5216.
Crypto Law US Founder John E. Deaton Explores the SEC Interlocutory Appeal
This week, Amicus Curiae attorney and Crypto Law US founder John E. Deaton published a review of the SEC interlocutory appeal.
Deaton highlighted comments and views shared since the SEC filed the letter of intent to appeal the Judge Torres ruling. Significantly, Deaton expected Judge Torres to grant the SEC motion to file an interlocutory appeal.
Regarding the timeline for an appeal, Deaton pointed out that an appeal would take between one to two years. An interlocutory appeal pauses the SEC v Ripple case until the SEC appeal concludes.
Importantly, Deaton stated,
“If the SEC were to win at the second circuit, which I believe they won’t, then the case gets remanded back to Judge Torres, who would apply the facts of the case to the other Howey factors not yet analyzed.”
Deaton explained further, saying,
“In other words, even if the second circuit disagrees with Judge Torres’ analysis of Howey’s third prong, the SEC does not win at summary judgment. Instead, Judge Torres would then apply the investment prong and the common enterprise prong of the Howey test again, further prolonging the case.”
It could be a long road ahead for the Ripple team and the crypto market. Deaton believes that Judge Torres would give the same result, even after a successful interlocutory appeal. However, the SEC could ask for a second interlocutory appeal to the second circuit on Torres’ application of the other prongs of the Howey test.
On the flip side, if the SEC loses at the second circuit, the SEC will appeal on all issues after the SEC v Ripple case.
Considering Deaton’s observations, the SEC could push the SEC v Ripple case into 2026 or later. In the September 8 reply memorandum to the Ripple opposition to the interlocutory appeal, the SEC argued,
“The SEC, like the Court, has an institutional interest in the most efficient ultimate resolution of this litigation. Defendants’ interest, by contrast, is to delay an ultimate resolution so that they may continue freely selling XRP into public markets without the disclosures that come with registration […].”
Proper Party Delivers an XRP Boost
While investors await the court ruling on the SEC motion for interlocutory appeal, Ripple held the celebratory Proper Party in New York City.
Ripple CEO Brad Garlinghouse shared images, saying,
“Looking forward to seeing many of you tonight at the Proper Party – excited to bring people together to celebrate what we’ve collectively achieved, a reminder to the SEC that court decisions matter and that progress is worth fighting for.”
XRP Price Action
Despite two positive sessions, XRP remained below the 50-day and 200-day EMAs, affirming bearish price signals. A break above the 200-day and 50-day EMAs would support another XRP move to the trend line and $0.5470 resistance level.
A lack of court activity would leave SEC v Ripple case-related chatter to influence investor sentiment.
Failure to break above the 200-day EMA would support an XRP fall through the $0.5042 support level. A fall below $0.50 would bring the $0.4700 support level into view.
The 51.84 14-Daily RSI reading supports a breakout from the 200-day and 50-day EMAs before entering overbought territory.
XRP hovers above the 50-day and 200-day EMAs, sending bullish price signals.
A hold above the 200-day EMA will likely support an XRP move to the trend line and the $0.5470 resistance level. On Friday, the trend line and $0.5470 resistance level rejected an XRP advance. A breakout and hold above the trend line could signal a shift in investor sentiment.
However, a fall through the 200-day EMA would bring the 50-day EMA and $0.5042 support level into play.
The 14-4 Hourly RSI 54.75 reading supports an XRP move to the trend line before entering overbought territory.