SEC Appeals Court Ruling, Deals Blow to Ripple's XRP Token

The price of the XRP token fell by as much as 11% Thursday following the Securities and Exchange Commission's (SEC) decision to appeal a federal court ruling last year that found XRP (XRPUSD) is not a security when algorithmically sold to retail investors via exchanges.

The Securities and Exchange Commission (SEC) has decided to appeal a federal court ruling last year that found XRP (XRPUSD) is not a security when algorithmically sold to retail investors via exchanges. This comes after the court did view institutional XRP sales as unregistered securities offerings.

The price of XRP fell by as much as 11% Thursday following the SEC's decision to appeal the federal court ruling. XRP has since given up some of those losses and was trading roughly 3% lower at 52 cents in recent trading.

This legal development came just hours after crypto asset manager Bitwise filed to offer for the first spot XRP ETF Wednesday. The SEC's appeal likely weakens the potential for the proposed spot XRP ETF to be approved anytime soon.

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