US economic indicators give a boost to XRP
There have been no updates from the ongoing SEC v Ripple issue of giving XRP guidance. The lack of updates or comments following the latest court ruling has left XRP in the hands of the broader crypto market.
US economic indicators provided a bullish session on Monday, as data from the manufacturing sector eased bets on a Federal Reserve rate hike in November.
In September, the ISM manufacturing PMI fell from 52.8 to 50.9. While the sector continued to expand, employment and new orders components eased amid concerns from the Federal Reserve during the US session. The employment index fell from 54.2 to 48.7, while the new orders index fell from 51.3 to 47.1.
While US economic indicators continue to weigh, the SEC v Ripple issue will remain the main driver. Investors await a response from the Securities and Exchange Commission on the court’s invalidation of the SEC’s objection to the court’s rejection of the SEC’s request to protect William Hinman’s speech documents under attorney-client privilege.
In a famous speech in 2018, Corporate Finance Department William Henman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.
There has been no comment since Thursday’s ruling, indicating that an appeal is on the cards.
In a series of tweets, defense attorney James Phelan said subscriber His thoughts on Securities and Exchange Commission options. These included,
- Ask Judge Torres to reconsider her review of the SEC’s objection.
- Ask the court to certify an appeal of the court’s decision.
- Go to the Court of Appeals for a petition for a transfer order.
- Everything and above.
Uncertainty over the next move led to a pullback from Thursday’s high of $0.50938. XRP will remain under pressure until it becomes clear what lies ahead.