The recent ruling in SEC v Binance by Judge Amy Berman Jackson, rejecting SEC’s claims on Binance’s BNB token, has the potential to impact XRP and broader crypto regulations moving forward. This decision underscores the importance of court rulings in shaping future SEC decisions, as highlighted by John E. Deaton’s involvement with 75,000 XRP holders.
As developments unfold in the SEC vs Ripple case, XRP has shown some positive momentum, climbing 1.67% in the last 24 hours and surpassing $0.48. This move has allowed XRP to recover from last week’s losses and could potentially challenge the $0.50 mark if the current momentum persists.
The outcome of SEC v Binance could serve as a precedent for the broader crypto market, including XRP. Judge Amy Berman Jackson’s recent rejection of the SEC’s claims regarding Binance’s BNB token as securities under the Howey test has drawn attention. Pro-XRP lawyer John E. Deaton expressed pride in the role he and 75,000 XRP holders played in influencing the ruling, emphasizing that XRP itself was not considered a security by the judge.
Deaton’s Amicus Brief representing XRP holders involved in the Programmatic Sales of XRP ruling holds significance. Additionally, the ruling in SEC v Binance may impact outcomes in other cases such as SEC v Coinbase, as reported by Crypto News Flash.
The increased involvement of the Commodity Futures Trading Commission (CFTC) could benefit XRP and the broader crypto market in various ways. This involvement could clarify the status of cryptocurrencies as securities, potentially opening the door for XRP-spot ETFs and a wider crypto-spot ETF market. Furthermore, it could support key legislation like the Lummis and Gillibrand Responsible Financial Innovation Act, providing the CFTC with more authority in the U.S. digital asset space while reducing regulatory burdens.
On the other hand, the Digital Asset Anti-Money Laundering Act proposes stringent AML and CFT frameworks for digital assets under the SEC’s jurisdiction, which could be avoided with greater CFTC involvement. Ultimately, court rulings that cryptocurrencies are not securities could strengthen the CFTC’s role, promote innovation, and facilitate the approval of spot XRP ETFs.
In terms of XRP price action, the cryptocurrency remains below the 50-day and 200-day EMAs, indicating a bearish trend. However, a move above these trend lines could lead bulls to target the 50-day EMA, potentially pushing towards the 200-day EMA and the $0.55 mark.
Investors should stay updated on SEC vs. crypto cases and the SEC’s response to the Binance ruling. If XRP drops below the $0.4650 level, it may face further downside towards the $0.45 mark. For more information on Ripple (XRP), including guides, tutorials, and news updates, subscribe to our daily newsletter for valuable insights.