Ripple vs SEC case has taken yet another turn, after the SECâs decision to appeal Judge Analisa Torresâ ruling in its long-standing case against Ripple, filing a ânotice of appealâ to the Second Circuit Court. This comes two months after the judgeâs final judgment, keeping the four-year battle alive!
However, the Securities and Exchange Commission (SEC) has yet to file its Form C, which outlines the specifics of its appeal in the Ripple vs SEC case. According to Eleanor Terrett, Ripple now waits for this filing to decide how to proceed, and they have 14 days to file a cross-appeal if they choose to. The delay in filing has caused some uncertainty, but the XRP community is keeping a close watch on developments.
XRPâs October Rollercoaster
October started with a mix of ups and downs for XRP. On one hand, Bitwise submitted an S-1 filing with the SEC to launch an XRP ETF, a bullish development for the cryptocurrency. However, the SECâs appeal of Judge Analisa Torresâ 2023 ruling in the Ripple vs. SEC case has cast a shadow over the optimism. The appeal sent XRP tumbling by over 20%, with the token now trading at $0.52, well below its weekly high.
Despite this, XRP is currently testing key levels, attempting to establish a local bottom. Experts suggest that further price volatility could still be on the horizon.
SECâs Appeal: Whatâs at Stake?
The appeal comes after Judge Torres ruled that Rippleâs programmatic sales did not violate the Securities Act, though she found Ripple guilty of institutional sales. Importantly, her ruling established that XRP is not inherently a security. The SEC is now challenging this decision, and their appeal has sparked frustration within the XRP community.
Ripple CEO Brad Garlinghouse expressed his frustration, emphasizing that XRPâs non-security status remains intact despite the SECâs actions. Stuart Alderoty, Rippleâs Chief Legal Officer, called the SECâs decision âdisappointing but expected.â Investor Bill Morgan echoed these sentiments, pointing out the poor timing of the appeal, especially as many anticipate a bullish turn in the market.
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Mixed Reactions from the Market
While some fear further XRP price declines, the market is not panicking. Many believe the SECâs appeal is a futile attempt driven by âvindictiveness,â and they expect the agency to lose once again. Investor CrediBULL Crypto is among those staying bullish, having opened long positions on XRP.
He believes Bitwiseâs XRP ETF filing is a more significant factor and predicts a bullish reversal if XRP holds support at $0.54, with resistance at $0.66.
Despite the uncertainty, XRP investors are holding firm, confident that the market will rebound in the face of SEC challenges.