Ripple: Sec files appeal, XRP at $0.52, -10%

By Daniele Corno

The SEC has filed an appeal of its ruling on XRP, with the cryptocurrency's price down 10%, now at $0.52

XRP vs. SEC, another appeal in the case that seemed to be over

The Securities and Exchange Commission (SEC) has decided to appeal Judge Analisa Torres ‘ ruling in the long-running case against Ripple Labs.

The case, filed in 2020, involves allegations of selling unregistered securities through XRP. The court had ruled that programmatic sales of XRP to retail investors did not constitute securities, but those to institutional investors did.

It appeared that the case had ended with a $125 million fine imposed on Ripple. However, the SEC argued that this decision was at odds with decades of legal precedent and announced that it would take the case to the Second Circuit Court of Appeals.

🚨JUST IN: The SEC appealed the #XRP ruling! pic.twitter.com/uHWnfcjpmL

— JackTheRippler ©️ (@RippleXrpie) October 2, 2024

The impact of the appeal and the collapse of XRP

After the announcement of the appeal, the price of XRP fell dramatically, dropping more than 10 percent to $0.52 per coin. The news came as Ripple was celebrating its partial victory in August with the ruling that excluded XRP secondary sales as securities.

However, this new development highlights how Ripple’s future is still uncertain and the market remains volatile. The legal battle continues to generate uncertainty in the market, prompting investors to closely monitor any updates.

Despite this, institutional interest remains high: the company Bitwise recently submitted an application for an ETF linked to XRP, althoughapproval may be delayed due to the SEC appeal.