Markets
XRP News Today: Market awaits ruling on Ripple case as SEC plans to appeal
According to court programthe SEC, Ripple, and any third parties must file briefs opposing the omnibus letter motions by May 20.
Parties must file redacted versions within 14 days of the court’s ruling on omnibus letter motions. More significantly, the court will also begin deliberating on the penalty Ripple will have to pay for violating US securities laws and whether an injunction is appropriate.
In March, the SEC presented this is a fine of almost $2 billion and an injunction prohibiting Ripple from selling XRP to institutional investors. An injunction would affect Ripple’s expansion plans in the United States following programmatic sales of XRP dominant.
The ban on the sale of XRP to institutional investors could affect the demand for XRP from buyers. An SEC appeal of the programmatic sales ruling could also have a negative impact on XRP.
Investors expect the SEC to appeal the ruling on XRP programmatic sales following the Ripple case. Uncertainty over the outcome of the Ripple case and likely appeal remain headwinds for XRP.
On Wednesday (May 15), XRP followed the broader market. The total cryptocurrency market capitalization increased by 6.38% ($139.47 billion) to $2,326 billion, as investors reacted to US retail sales numbers and the US CPI report.