Ripple’s legal battle with the SEC has persisted since 2020, centered around accusations that Ripple raised over $1.3 billion by selling XRP as an unregistered security. Although a significant 2023 ruling found that XRP sales to retail investors did not violate securities laws, the SEC’s recent appeal has revived uncertainty in the case.
Ripple responded with a cross-appeal, questioning foundational definitions of “investment contract” under the 1933 Securities Act and contesting the court’s application of the Howey Test.
Ripple’s appeal also focuses on the principle of “fair notice” and clarity in the injunction ordering the company to pay a $125 million fine. The Second Circuit Court has set January 15, 2025, as the SEC’s deadline to file its brief, with potential dismissal if not met.
Bitcoin Price Swings and Trump’s Election Odds
Bitcoin’s price movements have dominated the crypto space, reaching nearly $73,600 on October 28 before a steep correction to around $68,500. Analysts speculate that the downturn is partly due to shifts in the U.S. political landscape. Donald Trump, previously favored on Polymarket to win the presidential election, has seen a drop in odds from 66.9% to 57.5%, impacting the market. Trump’s pro-crypto stance, including promises to boost bitcoin mining and create a BTC reserve, has led some to believe his election could benefit Bitcoin.
Ethereum Holds Key Support Levels
Ethereum spiked to $2,700 but has since retracted to around $2,460. Analysts are divided: some see a bullish path to a potential $6,000 if ETH stays above critical support at $2,400, while others, like the analyst Poseidon, have expressed plans to exit positions if ETH dips below $2,450.
