XRP News Today: SEC Appeal Challenges XRP Demand as BTC Eyes $70,000
SEC Appeal Process Influences XRP
On October 15, uncertainty around the SEC vs. Ripple appeal affected XRP prices, which dropped by 1.20% to close at $0.5419. The SEC must file its Form C by October 16, outlining rulings to challenge. After Ripple files its response, both parties will agree on a briefing schedule which could lead to legal decisions extending into July 2025.
XRP's Market Position
The broader crypto market gained 0.53%, but XRP struggled to maintain momentum above the crucial $0.55 mark. Recent legal challenges influenced investor sentiment, as traders anxiously await the outcome of the SEC's appeal and its implications for programmatic sales of XRP. If the SEC does not contest this ruling, XRP might see renewed buying interest.
BTC Demand Rises Amid Anticipation of Fed Rate Cuts
As legal developments weigh on XRP, Bitcoin benefits from Fed rate cut expectations. The probability of a 25-basis point cut has surged, igniting interest in BTC, which closed at $67,000, a significant level as market inflows into BTC-spot ETFs continue.
Current Trends in Bitcoin
- Bitcoin ETF market reports inflows exceeding $555.9 million.
- Analysts anticipate Bitcoin could break past $70,000 based on current trends.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.