Since the non-security ruling in the Ripple vs the US SEC case weeks ago, XRP has captured the spotlight in the crypto market and now occupies the fourth spot in the list of the largest cryptocurrencies by market capitalisation, surpassing Binance’s BNB in the process.
With a notable surge in popularity and acceptance which cements its appeal in the crypto community, it remains to be seen whether this will be enough to sustain the position and momentum XRP has garnered in recent weeks.
SEC to appeal XRP court ruling
A recent Bloomberg report revealed that the United States Securities and Exchange Commission is set to appeal the ruling made by Judge Analisa Torres in favour of Ripple’s XRP. The SEC believes that the judge made an error in ruling against them and intends to challenge the decision.
For the uninitiated, the crux of the whole issue is around whether Ripple Labs should have registered its XRP token as a security with the SEC. The lawsuit has been ongoing for years because the SEC says if Ripple Labs is permitted to continue operating without registering the XRP token as a security, it could potentially harm investors.
However, weeks ago, the court determined that Ripple’s XRP token sales to institutional investors breached SEC rules but the judge ruled that Ripple’s offerings to retail investors on exchanges didn’t infringe on these same regulations.
This divarication of institutional and retail sales was broadly seen as a victory for the crypto industry but now the SEC has put forth its argument, asserting that the court failed to adequately consider the evidence presented by the regulator during the case.
Also, the regulatory institution claims that the court did not appropriately apply the relevant laws to the facts presented before it. Accordingly, the SEC requested that the court reject this part of the Ripple decision and hinted at a possible appeal in the Ripple case.
Read also:
XRP now 4th largest crypto; is this the right time to buy or sell?
Dogecoin pumps following Twitter rebranding
Dogecoin has been in the news this week and this all goes down to a subtle change in Elon Musk’s Twitter bio after he rebranded Twitter to “X”. This development, again, fanned the flames of speculation that Dogecoin may have a future on the platform.
On Tuesday, observant X (formerly Twitter) users pointed out that Elon Musk’s profile location now sports both an “X” and a “D” — with X referencing Twitter’s new branding, while D has been interpreted to mean Dogecoin.
In addition to the new X symbol, the header contained the symbol for DOGE, a coin long associated with the sometimes-eccentric billionaire.
CoinGecko data, at press time, shows that Dogecoin is experiencing around 5% surge in the past 24 hours, and 12% in the past seven days. There is a connection between this X update and Dogecoin’s mild rise because Musk’s tweets have previously moved the Shiba Inu-themed coin.
Read also: 3 platforms that can help you earn passive income through crypto p2p lending
Recall that Elon Musk refers to himself as the Dogefather and has always been supportive of the meme coin in the past. There are now speculations that the newly rebranded X app could start to accept dogecoin in the coming months given owner Elon Musk’s seeming infatuation with the meme coin.
Musk’s electric car company, Tesla, already accepts dogecoin payments for merchandise purchases on the Tesla Store. With this, Dogecoin integration with X could be on the cards.
Bottomline
With the SEC signalling its intent to appeal the Ripple Labs ruling on XRP, a cloud of uncertainty hangs over the crypto market in the short term. Also, whatever Elon Musk decides to do with Dogecoin would have a long-lasting effect on the broader industry.
How these issues play out will set precedents that could shape the crypto landscape for years to come.
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