SEC Appeal Deadline Approaches: What's at Stake for XRP?

XRP remains well below its January 2018 all-time high of $3.5505 despite the increasing optimism toward the US digital asset space.

As the January 15 SEC appeal deadline nears, XRP's price remains subdued compared to its January 2018 all-time high of $3.5505. The SEC's plans to challenge rulings in the Ripple case continue to impact XRP's price trajectory.

The SEC is expected to file its appeal-related opening brief by January 15. In October, the agency filed its Notice of Appeal, indicating its intention to challenge the Programmatic Sales of XRP ruling. Recent SEC activity suggests that it will proceed with filing its opening brief. Notably, SEC Chair Gensler has strengthened the agency's litigation team by promoting experienced crypto litigators to senior office positions.

If the SEC files its opening brief, it would officially initiate the appeal process. However, markets anticipate that incoming SEC Chair Paul Atkins may reverse this decision. Withdrawing the appeal would establish the Programmatic Sales of XRP ruling as a significant legal precedent, potentially paving the way for a US XRP-spot ETF market.

An end to the Ripple case and the launch of a US XRP-spot ETF market could positively impact XRP and the broader crypto market. Approval of XRP-spot ETFs could contribute to a broader crypto-spot ETF market, potentially increasing demand for digital assets.

According to data from CoinMarketCap, XRP experienced a slight decline on Sunday, January 5. XRP decreased by 0.90% on Sunday, following Saturday's 1.35% loss, to close at $2.3986. The broader crypto market slipped by 0.13%, bringing the total market cap to $3.420 trillion.

Collectively, the anticipation is that the SEC will withdraw its appeal by the January 15 deadline, which could propel XRP toward $3. If the SEC does withdraw the appeal, it may drive the token above its 2018 all-time high of $3.5505. However, if the SEC files its opening brief, XRP could potentially fall below $2.