New All-Time High Envisioned For XRP Price Even As SEC Seeks To Appeal Landmark Ripple Ruling

XRP price is slightly up on the 24-hour timeframe while having retracted 4% in the past week, according to data from CoinMarketCap. This price development seems optimistic, given that the United States Securities and Exchange Commission (SEC) has just filed a motion for leave to file an interlocutory appeal.

While initial reactions to this have been negative, with some spreading “fear, uncertainty, and doubt” (FUD) that XRP’s status as a non-security may be under threat, this is clearly not the case. Judge Torres ruled that XRP is not a security and cited the SEC v Telegram case to establish digital assets like XRP as commodities. However, the focus of the SEC’s appeal pertains to allegations against Ripple and its executives regarding programmatic and individual XRP sales rather than individual peer-to-peer trading activities on exchanges.

Institutional Investors See Ruling Positive for Altcoins

According to a recent report, Fineqia International Inc., a well-known fintech and digital asset investment business, saw an increase in investor interest, which led to a 70% increase in the total Assets Under Management (AUM) for worldwide Exchange Traded Products (ETPs) related to digital assets.

The AUM increased by 70% this year to $34 billion at the end of July, exceeding the 47.7% increase in the underlying value of digital assets. During July, there was an inflow of funds into cryptocurrencies, notably XRP, which witnessed a 57% gain in AUM after the SEC v. Ripple Labs decision.

It should be noted that, unsurprisingly, Bitcoin and Ethereum still dominate the digital asset and fintech investment business. As Fineqia CEO Bundeep Singh Rangar puts it, “Despite net inflows, the fact that more than 90% of digital asset ETP AUMs comprise of Bitcoin (BTC) and Ethereum (ETH) weighed down on the value of AUMs”.

Can the SEC Win on Appeal?

Regarding the certification for interlocutory appeal by the SEC, Ripple can still respond before Judge Torres casts her judgment. And even then, the chances of success for the agency are modest, as many legal commentators have noted. MetaLawMan stated on “X” that he believes it to be a close call, adding that interlocutory appeals have a low success rate but that “Judge Rakoff’s decision in the Terraform Labs case makes it far more likely that Judge Torres will take that unusual step and certify the interlocutory appeal”.

So, will XRP return to all-time highs above $3 in the foreseeable future? While no one can predict the future, XRP and the XRPL use cases must be closely monitored as crypto adoption increases. For example, developments such as the Palau Stablecoin project and Ripple joining the International Swaps and Derivatives Association (ISDA) create euphoria. One should note, however, that these developments, especially in the case of ISDA, do not impact XRP in the short term, and the investment in cryptocurrencies bears considerable risk.

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• Source: https://zycrypto.com/new-all-time-high-envisioned-for-xrp-price-even-as-sec-seeks-to-appeal-landmark-ripple-ruling/