SEC's Ripple Appeal Could Trigger XRP Price Plunge to $0.30

Will the SEC Appeal Against Ripple? Is an XRP Price Correction to $0.30 on the Horizon?

The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple continues to unfold with potential new developments on the horizon. According to Coin-Update, a former SEC attorney has hinted that the agency might appeal Judge Analisa Torres' decision regarding Ripple's programmatic sales of XRP. The ruling from July 2023 stated these sales do not constitute investment contracts under securities law.

Eleanor Terrett from FOX Business reported that sources indicate dissatisfaction within the SEC about this verdict, prompting considerations for an appeal before October 7th, 2024—the deadline for filing objections as noted by kryptorevolution.de. Legal experts like John Deaton argue against such moves; they believe even if one aspect of the Howey Test is reinterpreted differently upon review—specifically concerning expectations of profit derived through others’ efforts—it would still fail largely because common enterprise criteria remain unmet according to current interpretations.

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Crypto Traders Turn Greedy: Uniswap Leads

The cryptocurrency market witnessed significant shifts recently, marked notably by increased greed among traders—a sentiment captured well via FXStreet German site’s report highlighting how Uniswap led gains across the top twenty altcoins listed within the Coindesk20 Index over the past day alone, achieving an eight percent rise, while both Aptos and XRP lagged behind at negative returns respectively during the same period. This was observed closely alongside the Crypto Fear and Greed Index, now indicating heightened levels previously unseen since prolonged fear-neutral phases experienced throughout the last month or so. This shift potentially signals impending corrections looming ahead should exuberance persist unchecked, further impacting broader ecosystem dynamics moving forward into foreseeable future scenarios.

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Article Summary

The SEC may appeal a ruling favoring Ripple regarding XRP sales, with potential implications for the cryptocurrency's price, while Uniswap leads gains amid increased market greed.